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GLADSTONE LAND(LANDO) - 2025 Q4 - Annual Results
2026-02-24 21:09
EXHIBIT 99.1 Gladstone Land Announces Fourth Quarter and Year Ended 2025 Results Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision. Net income for the year was approximately $13.5 million, compared to approximately $13.3 million in the prior-year quarter. Net loss attributable to common stockholders during both years was approximately $10.5 million, or $0.29 per share. AFFO for the year was approximately $1 ...
GLADSTONE LAND(LANDO) - 2025 Q4 - Annual Report
2026-02-24 21:07
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 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 cha ...
Gladstone Land: Why I'm Buying The Series B Preferreds
Seeking Alpha· 2026-01-07 22:43
Core Viewpoint - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Group 1 - Pacifica Yield aims to pursue long-term wealth creation [1] - The strategy includes a focus on undervalued yet high-growth companies [1] - High-dividend tickers, REITs, and green energy firms are also key areas of interest [1]
GLADSTONE LAND(LANDO) - 2025 Q3 - Quarterly Results
2025-11-05 21:07
EXHIBIT 99.1 Gladstone Land Announces Third Quarter 2025 Results Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision. McLean, VA, November 5, 2025: Gladstone Land Corporation (Nasdaq: LAND) ("Gladstone Land" or the "Company") today reported financial results for the third quarter and year ended September 30, 2025. A description of funds from operations ("FFO"), core FFO ("CFFO"), and adjusted FFO ("AFFO"), al ...
GLADSTONE LAND(LANDO) - 2025 Q3 - Quarterly Report
2025-11-05 21:03
Company Overview - Gladstone Land Corporation owns 148 farms totaling 100,323 acres across 15 states in the U.S. and has 55,532 acre-feet of water assets in California [131]. 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, reflecting a 26.4% decline [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]. - 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]. - Operating income for the three months ended September 30, 2025, decreased by $2.379 million, or 34.6%, to $4.493 million compared to $6.872 million in 2024 [170]. - Lease termination income for the nine months ended September 30, 2025, included a payment of approximately $2.4 million from an outgoing tenant [175]. - Depreciation and amortization expenses for the nine months ended September 30, 2025, decreased by $1.209 million, or 4.6%, to $25.198 million compared to $26.407 million in 2024 [170]. - Property operating expenses for the nine months ended September 30, 2025, increased by $277 thousand, or 8.0%, to $3.753 million compared to $3.476 million in 2024 [180]. - Impairment charges for the three and nine months ended September 30, 2025, decreased significantly by 85.0% to $316 thousand compared to $2.106 million in 2024 [170]. - 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]. - Net income attributable to common stockholders for the three months ended September 30, 2025, was $2,087, a significant increase from $6 in 2024 [190]. - The net loss attributable to common stockholders for the nine months ended September 30, 2025, was $8.689 million, an increase from a net loss of $4.992 million in 2024 [228]. - Funds from Operations (FFO) available to common stockholders for the three months ended September 30, 2025, was $1.744 million, down from $5.970 million in 2024 [228]. - Adjusted Funds from Operations (AFFO) available to common stockholders for the three months ended September 30, 2025, was $1.410 million, compared to $4.526 million in 2024 [228]. Lease and Property Management - California farms account for 34,845 acres (34.7%) and generate $28.783 million (61.5%) of total lease revenue, down from $43.331 million (68.1%) in 2024 [136]. - 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, representing 100,323 acres and generating $46.835 million in lease revenue [139]. - 24 farms are leased under agreements that include participation rents, which may provide a higher share of rental income based on farm revenues [137]. - The company is exploring options for lease expirations, including negotiating terms with existing tenants and considering sale options [139]. - Same-property occupancy decreased approximately 3.8% to 95.7% as of September 30, 2025, compared to 99.5% as of September 30, 2024 [169]. - For the nine months ended September 30, 2025, lease revenue from vacant and non-accrual properties was approximately $3.9 million, down from $5.9 million in the prior-year period [153]. 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, while pistachio prices are approximately 13% to 18% higher than the prior year [144][145]. - The 2025 U.S. pistachio crop is expected to be more in line with 2023 production levels, contributing to upward pricing pressure [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]. - Current available liquidity is approximately $171.6 million, consisting of $25.2 million in cash and $146.3 million available under a credit facility [198]. - 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]. - The company has the ability to issue up to $1.5 billion in securities under its 2023 Registration Statement, having issued approximately $4.4 million of Series E Preferred Stock and $16.9 million of common stock [216]. Capital Expenditures and Investments - As of September 30, 2025, the company has committed to provide capital improvements on certain farms, with total obligations amounting to $4.4 million across various projects [204]. - Future minimum lease payments under non-cancelable ground leases total approximately $1.2 million, with a present value of $784,000 as of September 30, 2025 [205]. - The company sold nine farms in 2025, generating aggregate net proceeds of $82.5 million, partially offset by $6.6 million spent on capital improvements [210]. Financing Activities - The company repaid a $10.4 million bond on July 24, 2025, which bore interest at a rate of 4.45% [155]. - Financing activities resulted in a net cash outflow of $(79.7) million, primarily due to increased debt repayments of approximately $3.7 million [211]. - The MetLife Facility includes $75.0 million in revolving credit and $175.0 million in term notes, with $200,000 and $35.6 million currently outstanding, respectively [212]. - The Farmer Mac Facility allows for bond issuances up to $225.0 million, with approximately $100.1 million issued to date [213]. Interest Rate Risk - A hypothetical 2% increase in market interest rates would decrease the fair value of fixed-rate borrowings by approximately $41.657 million [231]. - The company aims to limit the impact of interest rate changes on earnings and cash flows by primarily borrowing at fixed rates [230]. - The fair value of the farmland portfolio is subject to fluctuations based on local economic conditions and tenant creditworthiness [232].
GLADSTONE LAND(LANDO) - 2025 Q2 - Quarterly Results
2025-08-07 20:13
EXHIBIT 99.1 Net loss for the quarter was approximately $7.9 million, compared to approximately $823,000 in the prior-year quarter. Net loss attributable to common stockholders during the quarter was approximately $13.9 million, or $0.38 per share, compared to approximately $6.7 million, or $0.19 per share, in the prior-year quarter. AFFO for the quarter was approximately $(3.5) million, or $(0.10) per share, compared to approximately $3.7 million, or $0.10 per share, in the prior-year quarter. Common stock ...
GLADSTONE LAND(LANDO) - 2025 Q2 - Quarterly Report
2025-08-07 20:05
Company Overview - The company owns 150 farms totaling 103,001 acres across 15 states in the U.S., with 55,306 acre-feet of water assets in California [130]. - The company has 102 leases in place, with 14 leases expiring in 2025, representing 14.6% of total leased acreage [138]. - The company focuses on farmland suitable for growing fresh produce and certain permanent crops, with an ancillary focus on commodity crops [133]. Financial Performance - For the six months ended June 30, 2025, total lease revenue was $29.1 million, a decrease of 29.2% compared to $41.1 million for the same period in 2024 [135]. - California farms accounted for 58.8% of total lease revenue in 2025, down from 67.2% in 2024 [135]. - Total operating revenues for Q2 2025 decreased to $12.296 million, down 42.3% from $21.297 million in Q2 2024 [172]. - Operating income for the first half of 2025 was $3.462 million, a decline of 77.1% from $15.125 million in the first half of 2024 [172]. - Lease revenue from vacant, direct-operated, and non-accrual farms was approximately $3.5 million for the six months ended June 30, 2025, down from $3.9 million in the prior-year period [153]. - Same-property occupancy decreased approximately 3.4% to 95.9% as of June 30, 2025, compared to 99.3% as of June 30, 2024, with 17 farms classified as vacant, direct-operated, or on non-accrual status [171]. - Total lease revenues for the first half of 2025 were $29.098 million, down 29.2% from $41.096 million in the same period of 2024 [174]. Expenses and Costs - Fixed lease payments for Q2 2025 were $12.121 million, a decrease of 39.6% compared to $20.068 million in Q2 2024 [172]. - Property operating expenses for Q2 2025 increased by 1.9% to $1.242 million compared to $1.219 million in Q2 2024 [183]. - General and administrative expenses decreased by 32.6% to $520,000 in Q2 2025 from $772,000 in Q2 2024 [172]. - Depreciation and amortization expenses decreased by 5.0% to $8.374 million in Q2 2025 from $8.813 million in Q2 2024 [172]. Debt and Liquidity - Over 99.9% of the company's borrowings are at fixed rates, with a weighted-average effective interest rate of 3.39% for another 3.3 years [141]. - A new loan agreement was entered into for $10.6 million at a fixed interest rate of 6.31%, primarily used to repay a maturing loan of $10.3 million at 3.85% [156]. - Approximately $20.7 million of maturing loans were repaid at a weighted-average interest rate of 4.15% during the same period [157]. - Current available liquidity is approximately $153.6 million, consisting of $7.3 million in cash and $146.3 million available under the credit facility with MetLife [201]. Market Conditions - The consumer price index (CPI) rose at an annual rate of 2.7% through June 30, 2025, while food prices increased at an annual rate of 3.0% [139]. - U.S. agricultural export markets face uncertainty due to ongoing trade tensions and new tariffs, particularly affecting almonds and pistachios, which see 60% to 80% of production exported annually [142]. - The strength of the U.S. dollar is a key factor affecting export demand, with a weaker dollar potentially enhancing the competitiveness of U.S. agricultural exports [146]. - The company continues to monitor tariff discussions and trade policy developments, with potential impacts on crop prices and grower economics remaining uncertain [145]. Crop Production and Outlook - The USDA projects a larger-than-expected almond harvest for 2025, initially putting downward pressure on prices, but prices have since rebounded and remain above last year's levels [143]. - The 2025 U.S. pistachio crop is expected to be the largest on record, driven by increased bearing acreage, although new orchard development has slowed [144]. Shareholder Metrics - Pre-Incentive Fee FFO for the three months ended June 30, 2025, was $5,988 million, compared to $4,974 million for the same period in 2024, reflecting an increase of 20.3% [194]. - Net loss attributable to common stockholders for the three months ended June 30, 2025, was $(13,880) million, representing an increase of 108.6% from $(6,654) million in 2024 [194]. - Funds from Operations (FFO) available to common stockholders for the six months ended June 30, 2025, was $(1,207) million, a decrease from $10,962 million in 2024 [231]. - The weighted-average shares of common stock outstanding were 36,184,658 for both the three and six months ended June 30, 2025 [231]. Future Plans - The company intends to use a significant portion of future liquidity to acquire additional farms and farm-related assets [206]. - As of June 30, 2025, the company has committed to capital improvements totaling approximately $7.0 million across various farms, with completion dates ranging from Q4 2025 to Q3 2034 [207]. - Future minimum lease payments under non-cancelable ground leases total approximately $1.2 million, with a present value of $770,000 as of June 30, 2025 [208].
Gladstone Land Corporation (LAND) Q1 2025 Earnings Conference Call Transcript
Seeking Alpha· 2025-05-13 14:44
Core Viewpoint - Gladstone Land Corporation held its Q1 2025 earnings conference call, indicating ongoing engagement with investors and stakeholders [1]. Company Overview - David Gladstone serves as the Chief Executive Officer and President of Gladstone Land Corporation, leading the quarterly conference call [2]. - Michael LiCalsi, the General Counsel, provided introductory remarks and highlighted the presence of forward-looking statements in the report, which may involve risks and uncertainties [3].
GLADSTONE LAND(LANDO) - 2025 Q1 - Quarterly Results
2025-05-12 20:06
First Quarter 2025 Activity: First Quarter 2025 Results: Net income for the quarter was approximately $15.1 million, compared to approximately $13.6 million in the prior-year quarter. Net income attributable to common stockholders during the quarter was approximately $9.1 million, or $0.25 per share, compared to approximately $7.4 million, or $0.21 per share, in the prior-year quarter. AFFO for the quarter was approximately $2.0 million, or $0.06 per share, compared to approximately $5.1 million, or $0.14 p ...
GLADSTONE LAND(LANDO) - 2025 Q1 - Quarterly Report
2025-05-12 20:04
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 March 31, 2025 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 it ...