Gladstone Land(US:LAND)2020-05-07 17:31Financial Data and Key Metrics Changes - Total assets increased by approximately $24 million primarily due to proceeds from equity issuances [25] - Net income for the quarter was about $3.1 million, with net income to common shareholders at approximately $934,000 or $0.045 per common share [27] - Adjusted FFO for the first quarter increased by about $1.9 million, or 53%, with AFFO per share rising to $0.253 from $0.167 [27][28] Business Line Data and Key Metrics Changes - Rental income increased by about $443,000, or 4%, quarter-over-quarter, mainly due to additional revenue from recent acquisitions [28] - The company executed new leases or extended existing leases on 11 properties, resulting in an expected increase in annual net income of about $649,000, or 13.5% [17][18] Market Data and Key Metrics Changes - Approximately 90% to 95% of produce grown is sold to grocery stores, with minimal impact from government closings on farmers and tenants [9][10] - The company owns about 88,000 acres across 113 farms in 10 states, with a total fair value of approximately $892 million [13] Company Strategy and Development Direction - The company aims to focus on acquiring new farms and diversifying its portfolio, with plans to continue active acquisitions in the coming quarters [34] - The strategy emphasizes investing in farmland that grows fresh produce, aligning with market trends towards healthier food options [35][36] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand for produce remains strong, with a shift in consumer spending from restaurants to grocery stores [10] - The company expects to continue reporting positive news and aims to exceed $1 billion in assets within the next year [34] Other Important Information - The company raised its common dividend to $0.0447 per share per month, marking an overall increase of 49% in monthly distributions over the past 21 quarters [33] - The management fee structure was amended to be based on real estate assets rather than common equity, aligning better with industry standards [19][20] Q&A Session Summary Question: Were there any questions from participants? - There were no questions from participants, indicating satisfaction with the income and dividends produced by the company [42]