Gladstone Land Earnings Reports

Gladstone Land posted higher net income in Q1 2025, driven by gains from property sales and a lease termination fee, while AFFO dropped significantly amid lower fixed base rents and non-accrual properties.

Gladstone Land Corporation reported a net income of $539,000 for the fourth quarter of 2024, a significant decrease from $1.8 million in the prior-year quarter. The company's AFFO also decreased to $3.4 million from $5.4 million in the prior-year quarter. This decline was mainly attributed to lower fixed base cash rents due to new lease agreements and the sale of a large farm, though partially mitigated by higher participation rents.

Gladstone Land reported net income of $6,000 for the quarter, a significant decrease from the $3.1 million in the prior-year quarter. AFFO was approximately $4.5 million, or $0.13 per share, compared to $5.4 million, or $0.15 per share, in the prior-year quarter. The company faced challenges with certain vacant, direct-operated, and non-accrual properties, as well as changes in lease structures on permanent crop farms.

Gladstone Land reported a net loss of $823,000 for the second quarter of 2024, compared to a net income of $7.9 million in the prior-year quarter. However, AFFO increased slightly to $3.7 million, or $0.103 per share, compared to $3.6 million, or $0.102 per share, in the prior-year quarter. The company experienced a decrease in fixed base cash rents offset by additional participation rents. They have six properties that are either vacant or being direct-operated.

Gladstone Land reported a net income of $13.6 million for Q1 2024, a significant increase compared to $1.8 million in the prior-year quarter, primarily driven by the sale of a farm in Florida. However, AFFO decreased to $5.1 million, or $0.14 per share, from $5.9 million, or $0.17 per share, in the prior-year quarter, due to decreased cash lease revenues.

Gladstone Land's net income for the quarter was approximately $1.8 million, with a net loss to common stockholders of approximately $4.3 million, or $0.12 per share. AFFO was approximately $5.4 million, or $0.15 per share. The company is working through issues with a few tenants with five properties currently vacant and is in discussions to buy or lease these farms.

Gladstone Land's net income for the quarter was approximately $3.1 million, compared to $1.8 million in the prior-year quarter. AFFO for the quarter was approximately $5.6 million, or $0.15 per share, compared to approximately $7.2 million, or $0.21 per share, in the prior-year quarter.

Gladstone Land reported a net income of approximately $7.9 million for the quarter, compared to approximately $613,000 in the prior-year quarter. AFFO for the quarter was approximately $3.8 million, or $0.11 per share, compared to approximately $4.5 million, or $0.13 per share, in the prior-year quarter. Total cash lease revenues increased by approximately $491,000, or 2.5%, from the prior-year quarter.

Gladstone Land's first quarter 2023 results showed a net income of $1.8 million, AFFO of $6.0 million, and an increased NAV per share of $17.12. The company faced challenges with certain tenants but maintains a strong balance sheet with nearly 100% fixed-rate borrowings.

Gladstone Land Corporation reported a net income of $1.1 million for the quarter. AFFO was approximately $6.8 million, or $0.19 per share. Total cash lease revenues increased by approximately $668,000, primarily driven by participation rents recorded during the current quarter of approximately $4.7 million.

Gladstone Land Corporation reported a strong third quarter with increased AFFO and revenue driven by participation rents and fixed base cash rents. The company acquired new farms and executed new leases, contributing to the revenue growth. Despite economic concerns, Gladstone Land remains conservative with capital and is well-protected against interest rate increases.

Gladstone Land's net income for the quarter was approximately $613,000. AFFO was approximately $4.5 million, or $0.13 per common share. Total cash lease revenues increased by approximately $344,000.

Gladstone Land's first quarter 2022 results showed a net income of $1.2 million and AFFO of $6.4 million. The company experienced a decrease in total cash lease revenues and an increase in fixed base cash rents. NAV per share increased to $15.54.

Gladstone Land reported a net income of $2.0 million for the quarter, with a net loss to common stockholders of $1.4 million, or $0.04 per share. AFFO increased to $6.7 million, or $0.20 per share, driven by higher lease revenues, particularly from participation rents. The company's NAV per share increased by $0.51 to $14.31.

Gladstone Land Corporation reported a net income of $1.5 million for the quarter, a significant increase from the prior quarter's net loss of $531,000. AFFO also increased to $5.3 million, or $0.17 per common share, driven by higher lease revenues, and the estimated NAV per share increased to $13.80.

Gladstone Land reported a net loss of $531,000 for the quarter, with AFFO at $3.7 million, or $0.13 per common share. The company acquired 13 new farms and expanded its farmland holdings into a new state.

Gladstone Land Corporation announced its first quarter 2021 results, reporting a net income of $554,000 and an AFFO of $4.7 million. The company acquired three new farms and secured new long-term borrowings at a weighted-average interest rate of 2.96%. NAV per share increased to $12.69.

Gladstone Land Corporation reported a net income of approximately $91,000 for the quarter, with a net loss to common stockholders of approximately $2.4 million, or $0.10 per share. AFFO for the quarter was approximately $3.6 million, or $0.15 per common share. The company's NAV per share increased by $0.26 to $12.23 at December 31, 2020.

Gladstone Land Corporation reported net income of approximately $1.6 million and AFFO of approximately $3.1 million for the quarter. Total lease revenues increased by approximately $1.4 million, primarily driven by participation rents. NAV per share increased by $0.91 from the prior quarter to $11.97.

Gladstone Land reported net income of $182,000 for the quarter. AFFO was approximately $2.2 million, or $0.10 per common share. The company acquired two new farms for approximately $17.7 million. The company's farms continue to be 100% leased.

Gladstone Land Corporation reported a net income of $3.1 million for the quarter, a significant increase compared to the prior quarter's $958,000. AFFO also saw a substantial rise, reaching $5.4 million, with AFFO per common share increasing to $0.25. The company acquired two new farms and executed nine new lease agreements, expected to increase annual net operating income.

Gladstone Land Corporation reported net income of $958,000 for the quarter, with AFFO reaching $3.5 million, or $0.17 per common share. The increase in AFFO was driven by higher lease revenues, partially offset by increased operating expenses. Total lease revenues increased by $2.5 million, primarily due to $1.5 million of participation rents and additional rents from recent acquisitions.