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Hey Bud, Seen A Sheep Come By Here? CaseyHillPhotoThe REIT & Its History Gladstone Land (NASDAQ:LAND) is a farmland owning REIT that owns 111,836 acres across the US. These farms are also diversified by usage and produce grains, fruits, tree nuts, and wine grapes. While the REIT is diversified, about two-thirds of the total parcels of land are in 3 states, California, Florida and Colorado. Gladstone Land Presentation The company has been a success at expansion and the total portfolio value is 15-fold what ...

Gladstone Land Corporation (NASDAQ:LAND) Q2 2024 Earnings Conference Call August 9, 2024 8:30 AM ET Company Participants David Gladstone - President, Chief Executive Officer and Chairman Michael LiCalsi - General Counsel and Secretary Lewis Parrish - Chief Financial Officer and Assistant Treasurer Conference Call Participants Gaurav Mehta - Alliance Global Partners Rob Stevenson - Janney Montgomery Scott John Massocca - B. Riley Securities Operator Welcome to the Gladstone Land Corporation Second Quarter Ea ...

Core Insights - Gladstone Land (LAND) reported quarterly funds from operations (FFO) of $0.10 per share, missing the Zacks Consensus Estimate of $0.12 per share, and down from $0.11 per share a year ago, indicating a -14.17% surprise [1] - The company posted revenues of $21.3 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.04%, compared to $21.21 million in the same quarter last year [1] - Gladstone has not surpassed consensus FFO estimates in the last four quarters, while it has topped revenue estimates three times in the same period [1] Financial Performance - The FFO for the previous quarter was expected to be $0.15 per share, but the actual was $0.14, resulting in a -6.67% surprise [1] - Current consensus FFO estimate for the upcoming quarter is $0.17 on revenues of $22.89 million, and for the current fiscal year, it is $0.60 on revenues of $87.22 million [4] Market Performance - Gladstone shares have declined approximately 4.4% since the beginning of the year, contrasting with the S&P 500's gain of 9% [2] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the top 39% of over 250 Zacks industries, indicating a favorable industry outlook [5] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the trends in estimate revisions [2][3] - The current Zacks Rank for Gladstone is 3 (Hold), suggesting that shares are expected to perform in line with the market in the near future [4]

Financial Performance - Net loss for Q2 2024 was approximately $823,000, a significant decline from net income of approximately $7.9 million in Q2 2023[3] - AFFO for the quarter was approximately $3.7 million, or $0.103 per share, compared to approximately $3.6 million, or $0.102 per share, in the prior-year quarter, reflecting a 1.5% increase[3][8] - Cash flows from operations decreased by approximately $2.0 million from the prior-year quarter, largely due to timing of cash rental receipts[6] Revenue and Income - Total cash lease revenues remained relatively flat, with fixed base cash rents decreasing by approximately $1.1 million, offset by an increase in participation rents of approximately $1.1 million[4] - The company executed three amended lease agreements expected to increase annual net operating income by approximately $70,000[2] - The distribution run rate on common stock was increased by 0.22%, with monthly cash distributions totaling $0.1398 per share during Q2 2024[2] - The company increased its distribution run rate by 0.21%, marking the 35th distribution increase over the past 38 quarters, with a total increase of 55.7%[7] Asset Valuation - The estimated NAV per share decreased by $1.56 to $17.59 at June 30, 2024, primarily due to valuation decreases in certain farms[6][8] - The estimated NAV available to common stockholders and non-controlling OP unitholders is $630.465 million, with an estimated NAV per share of $17.59[19] - The fair value adjustment for long-term assets is $213.801 million, while the fair value adjustment for long-term indebtedness is $50.778 million[18][19] Company Operations - Gladstone Land Corporation owns 168 farms across approximately 112,000 acres in 15 states, with total assets valued at approximately $1.5 billion[11] - The company owns approximately $1.5 billion of farmland and water assets, with ongoing discussions to lease or sell six properties[7] - Gladstone Land's farms primarily grow annual row crops and permanent crops, with a focus on fresh produce such as berries and vegetables[11] - Approximately 30% of the company's fresh produce acreage is organic or in transition to organic, while over 20% of its permanent crop acreage falls into this category[11] Shareholder Returns - The company has paid 138 consecutive monthly cash distributions since its IPO in January 2013, with a current monthly distribution of $0.0467 per share, equating to $0.5604 annually[11] - The company repurchased 140,777 shares of its Series B and C Preferred Stock at an average price of $20.56 per share, resulting in a total gain on repurchase of approximately $274,000[2] Future Outlook - The company anticipates benefits from increases in farmland values and operating revenues, as well as expected increases in capitalization rates[20] - The company is committed to maintaining or growing its portfolio and FFO, despite potential risks and uncertainties in the economic environment[20] Performance Metrics - The company’s FFO, CFFO, and AFFO metrics are adjusted for non-cash items and non-recurring expenses, providing a clearer picture of sustainable operating performance[13][14][15] - Gladstone Land has increased its common distributions 35 times over the past 38 quarters[11]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number: 001-35795 GLADSTONE LAND CORPORATION (Exact name of registrant as specified in its ...

Investment Thesis - The Gladstone Land Corp. (NASDAQ:LAND) REIT is positioned as a potential growth opportunity within a stagflationary economic environment, with farmland values and food prices likely to outperform inflation [1] - Current valuation levels suggest that the REIT is a buy, with plans to increase holdings if prices dip further [1] Company Overview - Gladstone Land REIT owns over 115,000 acres of farmland, with a market cap of approximately $545 million, translating to a valuation of about $4,700 per acre based on market cap [3] - The estimated market value of its acreage is $1.5 billion, indicating an average value of $13,000 per acre, which is three times higher than the average U.S. farmland price [3][4] Financial Performance - The REIT generated $90.32 million in revenues from land leases, resulting in a revenue-to-market cap ratio of just over 6x as of 2023 [4] - Net income for Q1 was $13.6 million, covering quarterly shareholder payouts of $11.1 million, with interest expenses at $5.6 million, indicating a fragile financial situation [4] - Total debt stands at $615 million, reflecting a 7.2% decline year-over-year, but poses risks given current high-interest rates [5] Market Trends - The share price of Gladstone Land is positively correlated with soft commodities markets, although it has significantly declined from its 2022 highs of over $40 per share [6] - The REIT's land portfolio peaked in 2022, with a slight decline attributed to higher interest rates making borrowing less attractive [7] - Long-term appreciation of farmland values is supported by declining global arable land per capita, projected to decrease from 0.44 acres in 2020 to 0.38 acres by 2040, a 15% decline [8] Demand Factors - Demand for cropland-derived products, including biofuels and animal protein, is expected to rise, driven by an increasing global middle class and population growth [9][10][11] - The REIT's revenues are likely to benefit from rising land prices, which can lead to higher leasing fees and increased earnings [12] Conclusion - Gladstone Land Corp. is positioned to potentially outperform in a stagflationary market, with long-term trends favoring farmland appreciation and increasing demand for agricultural products [12] - The company presents an opportunity for investors to engage in the consolidation of farmland ownership, despite potential short-term challenges related to an aging farmer demographic [13]

cturtletrax/iStock via Getty Images Introduction Gladstone Land (NASDAQ:LAND) is a REIT focusing on owning farmland which it leases to farmers. It's not exposed to successful or disappointing harvests other than the impact it has on the tenants. In my previous articles I focused on the Series D preferred shares which has a mandatory call date in January 2026. As that date is coming closer and as the share price of the Series D is slowly moving up in anticipation of the call date, I wanted to check up on ...

Igor Alecsander/E+ via Getty Images Overview Real Estate Investment Trusts unlock the ability to gain exposure to an avenue of investments that wouldn't typically be accessible through traditional means. I live in the suburbs, a short commute outside of NYC, and there isn't exactly an abundance of farmlands around me. Gladstone Land (NASDAQ:LAND) is a REIT that makes it possible to gain exposure to its portfolio of farmlands across the USA. The company owns and operates different farms and farm related prop ...

Gladstone Land Corporation (NASDAQ:LAND) Q1 2024 Earnings Conference Call May 8, 2024 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel Lewis Parrish - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney John Massocca - B. Riley Operator Greetings and welcome to the Gladstone Land Corporation First Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure ...