Solid operations and increased revenues from electricity sales Landsvirkjun’s profit from core operations in the third quarter amounted to USD 56 million, and cash from operations USD 46 million.The Company’s financial position remains strong, with an equity ratio of 63.1% and leverage of 1.5× EBITDA.Revenue from electricity sales increased during the period compared with the same period last year. Hörður Arnarson, CEO: Operations at Landsvirkjun’s power stations remained solid in the third quarter, followi ...

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.In the following lines, we will introduce you to the company Gladstone Land Corporation ( LAND ), its preferred stocks, and try to assess them and give them a credit rating using Moody's approach.Arbitrage Trader, aka Denislav Iliev has been day trading for 15+ years and leads a team of 40 analysts. They identify ...

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.In the following lines, we will introduce you to the company Gladstone Land Corporation ( LAND ), its preferred stocks, and try to assess them and give them a credit rating using Moody's approach.Arbitrage Trader, aka Denislav Iliev has been day trading for 15+ years and leads a team of 40 analysts. They identify ...

Core Viewpoint - The article highlights three stocks with strong income characteristics and a buy rank for investors to consider as of November 10th Group 1: Gladstone Land Corporation (LAND) - Gladstone Land Corporation is a real estate investment trust with a Zacks Rank 1 - The Zacks Consensus Estimate for its current year earnings has increased by 8.7% over the last 60 days - The company offers a dividend yield of 6.0%, which is higher than the industry average of 4.8% [1] Group 2: Lincoln National Corporation (LNC) - Lincoln National Corporation is an insurance and retirement services company with a Zacks Rank 1 - The Zacks Consensus Estimate for its current year earnings has increased by 5.7% over the last 60 days - The company has a dividend yield of 4.4%, significantly above the industry average of 1.6% [2] Group 3: Southern Copper Corporation (SCCO) - Southern Copper Corporation is a mining company with a Zacks Rank 1 - The Zacks Consensus Estimate for its current year earnings has increased by 9.8% over the last 60 days [2]

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha and other financial platforms, with a focus on Real Estate Investment Trusts (REITs) [1] - He has a background in business information systems and experience at Charles Schwab, which supports his analytical capabilities in equities research [1] - Anthony operates his own boutique equities research firm, Albert Anthony & Company, remotely from Texas, and is actively involved in the REIT investment space [1] Company Background - Albert Anthony & Company is a Texas-registered business that provides market commentary and research based on publicly available data [1] - The firm does not manage client funds or provide personalized financial advisory services, focusing instead on general market insights [1] Author's Qualifications - The author holds a B.A. in Political Science and certifications in Microsoft Fundamentals and CompTIA Project+, with ongoing education in Capital Markets & Securities Analyst and data analysis [1] - His expertise is aimed at streamlining the equities research process and delivering actionable insights to readers [1] Media Presence - Anthony is expanding his presence on YouTube, discussing REITs and sharing insights as an active investor in REIT stocks [1] - He has participated in numerous business and innovation conferences, enhancing his visibility in the financial community [1]

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Group 1: Investment Strategy - The company advocates for a diversified approach to investing, focusing on high-quality dividend stocks that provide long-term growth potential [1]. - A hybrid system is proposed, blending growth and income strategies to optimize investment returns [1]. - The total return achieved through this strategy is reported to be on par with the S&P 500 index [1].

Core Insights - Gladstone Land (LAND) reported quarterly funds from operations (FFO) of $0.04 per share, exceeding the Zacks Consensus Estimate of a loss of $0.03 per share, but down from $0.13 per share a year ago [1][2] - The FFO surprise was +230.00%, contrasting with a previous quarter where the company posted a loss of $0.09 against an expected FFO of $0.03, resulting in a surprise of -400% [2] - The company generated revenues of $17.79 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 24.20%, compared to $22.57 million in the same quarter last year [3] Financial Performance - Over the last four quarters, Gladstone has exceeded consensus FFO estimates two times and topped consensus revenue estimates three times [2][3] - The current consensus FFO estimate for the upcoming quarter is $0.29 on revenues of $29.05 million, and for the current fiscal year, it is $0.23 on revenues of $72.47 million [8] Market Position - Gladstone shares have declined approximately 16% since the beginning of the year, while the S&P 500 has gained 15.1% [4] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the top 34% of over 250 Zacks industries, indicating a favorable industry outlook [9] Future Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call and the revisions in FFO estimates [4][5] - The estimate revisions trend for Gladstone was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [7]

Core Insights - Gladstone Land Corporation reported its financial results for the third quarter and year ended September 30, 2025, indicating a focus on agricultural real estate investments [1] Financial Performance - The company’s financial results for the third quarter and year reflect its ongoing strategy in the agricultural sector [1]

Financial Performance - Net income for Q3 2025 was approximately $2.1 million, a significant increase from approximately $6,000 in Q3 2024, representing a year-over-year growth of 34,683.3%[5] - AFFO for the quarter was approximately $1.4 million, or $0.04 per share, down 68.8% from approximately $4.5 million, or $0.13 per share, in the prior-year quarter[5][13] - Total operating revenues decreased by 21.2% to $17.8 million compared to $22.6 million in Q3 2024[13] - Cash flows from operations decreased by approximately $10.7 million compared to the prior-year quarter, primarily due to lower cash receipts from fixed lease payments[9] Revenue and Lease Agreements - Total cash lease revenues decreased by $5.4 million due to modifications in lease agreements and ongoing vacancy challenges, while participation rents increased by approximately $1.9 million[6] - The company executed two new lease agreements expected to increase annual net operating income by approximately $65,000, or 6.6%, compared to prior leases[12] - The company expects to recognize approximately $16.9 million of revenue in Q4 2025 from the pistachio harvest on three Repositioned Farms[12] Asset Management and Sales - The company sold two farms in Florida for $21.5 million, achieving a 36% premium over the original purchase price and a net gain of approximately $6.0 million[6] - The Company anticipates increases in farmland values and operating revenues, which are expected to positively impact FFO and NAV (Net Asset Value) per share[25] Operational Metrics - The Company emphasizes the importance of FFO (Funds From Operations) as a key performance metric, which excludes gains or losses from property sales and impairment losses, providing a clearer view of operational performance[19] - CFFO (Cash Flow From Operations) is highlighted as a measure adjusted for non-recurring items, indicating sustainable operating performance, although it may differ from NAREIT's definition[22] - AFFO (Adjusted Funds From Operations) is presented as a cash-based performance measure, adjusted for non-cash items, to reflect the Company's sustainable operating performance[23] Liquidity and Financial Position - The company maintains strong liquidity with over $170 million in immediately-available capital, including $25 million in cash[11] - The occupancy rate decreased to 95.7% from 99.5% in the prior year, reflecting a decline of 3.8%[13] Risks and Transparency - Risks include potential downturns in the economic environment and competition affecting lease renewals, which could impact overall performance[25] - The Company provides a reconciliation of FFO, CFFO, and AFFO to net income, emphasizing the importance of these metrics in evaluating financial performance[24] - The Company encourages stakeholders to review the Form 10-K for detailed risk factors that could affect future performance[25] - The Company is committed to transparency in its financial reporting, ensuring that stakeholders have access to relevant financial measures and adjustments[24] Investor Relations - The Company’s investor relations can be contacted for further inquiries regarding financial performance and shareholder information[26]

Company Overview - The company owns 148 farms totaling 100,323 acres across 15 states in the U.S., with 55,532 acre-feet of water assets in California[131]. - The company has 93 farms leased on a pure triple-net basis, while 42 farms are on a partial-net basis, and 4 farms are directly operated[137]. - The company has 101 leases expiring by September 30, 2025, covering 100,323 acres, with lease revenue from these expiring leases totaling $46.835 million[139]. - The company is exploring options for lease expirations, including negotiating terms with existing tenants and considering sale options[139]. - The company currently operates in a selective credit environment, limiting its ability to pursue new farmland acquisitions despite improved financing conditions[141]. Financial Performance - For the nine months ended September 30, 2025, total lease revenue was $46.835 million, a decrease from $63.667 million for the same period in 2024, representing a decline of approximately 26.5%[136]. - California farms account for 34.7% of total acres and 61.5% of total lease revenue, with lease revenue decreasing from $43.331 million in 2024 to $28.783 million in 2025[136]. - Total operating revenues for the three months ended September 30, 2025, decreased by $4.786 million, or 21.2%, to $17.785 million compared to $22.571 million in 2024[170]. - Operating income for the nine months ended September 30, 2025, decreased by $14.042 million, or 63.8%, to $7.955 million compared to $21.997 million in 2024[170]. - For the three months ended September 30, 2025, operating income decreased by 34.6% to $4.493 million compared to $6.872 million in the same period of 2024[190]. - Net income attributable to common stockholders for the three months ended September 30, 2025, was $2.087 million, a significant increase of 34,683.3% compared to $6,000 in the same period of 2024[190]. - The company recorded a net capital gain of approximately $21.6 million from the sale of farms during the nine months ended September 30, 2025, compared to a net gain of approximately $10.4 million in the same period of 2024[195]. Lease and Revenue Changes - Fixed lease payments for the three months ended September 30, 2025, decreased by $6.635 million, or 35.1%, to $12.278 million compared to $18.913 million in 2024[170]. - Total lease revenues for the nine months ended September 30, 2025, decreased by $16.832 million, or 26.4%, to $46.835 million compared to $63.667 million in 2024[172]. - Lease termination income for the nine months ended September 30, 2025, was recognized at $2.380 million, which was not present in 2024[172]. - Participation rents for the three months ended September 30, 2025, increased by $1.852 million, or 52.7%, to $5.364 million compared to $3.512 million in 2024[172]. Expenses and Impairments - Property operating expenses for the nine months ended September 30, 2025, increased by $277,000, or 8.0%, to $3.753 million compared to $3.476 million in 2024[180]. - Impairment charges for the three months ended September 30, 2025, decreased by $1.790 million, or 85.0%, to $316,000 compared to $2.106 million in 2024[170]. - The company recognized an impairment charge of approximately $316,000 on one property during the three months ended September 30, 2025, compared to an aggregate impairment charge of approximately $2.1 million in the same period of 2024[189]. Market Conditions - The consumer price index (CPI) rose at an annual rate of 3.0% through September 30, 2025, with food prices increasing by 3.1% over the same period[140]. - Nationwide farm real estate values increased by 4.3% year-over-year, while cropland values rose by 4.7%[140]. - Almond prices are currently 15% to 25% higher year-over-year due to lower-than-expected production for 2025, contributing to upward pricing pressure[144]. - Current pistachio prices for the 2024 crop are approximately 13% to 18% higher than the prior year, with demand particularly strong in international markets[145]. Debt and Liquidity - Over 99.9% of the company's borrowings are at fixed rates, with an effective interest rate of 3.39% for another 3.0 years, insulating the debt portfolio from interest rate volatility[142]. - The company’s current available liquidity is approximately $171.6 million, consisting of $25.2 million in cash and approximately $146.3 million available under its credit facility[198]. - Interest expense decreased by 10.2% to $4.850 million for the three months ended September 30, 2025, compared to $5.402 million in the same period of 2024[190]. - The company expects its current and short-term cash resources to be sufficient for servicing debt, funding operating costs, and paying dividends on preferred securities[202]. - The company plans to utilize a significant portion of future liquidity to acquire additional farms and farm-related assets, subject to due diligence[203]. Stock and Capital Management - The company has entered into an ATM Program allowing for the issuance of up to $500.0 million in common stock, with gross proceeds of $10.0 million from the sale of 1,082,175 shares[156]. - The company has issued approximately $4.4 million of Series E Preferred Stock and $16.9 million of common stock under the 2023 Registration Statement[216]. Future Expectations - The 2025-2026 water year has started favorably with above-average rainfall, leading to expectations of surface water allocations between 30% to 50%[148]. - The company aims to limit the impact of interest rate changes on earnings and cash flows by primarily borrowing at fixed rates[231].