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Mar 31, 2021
Gladstone Land Q1 2021 Earnings Report
Gladstone Land reported an increase in AFFO and NAV per share, driven by acquisitions and low interest rates.
Key Takeaways
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.
Acquired three new farms totaling 233 acres for approximately $5.6 million.
Secured $9.9 million of new, long-term borrowings at an effective interest rate of 2.96%.
AFFO increased by 30.6% to approximately $4.7 million, with AFFO per common share increasing to $0.17.
NAV per share increased by $0.46 to $12.69.
Forward Guidance
Gladstone Land is looking forward to participation rents coming in towards the end of the year and has a strong backlog of potential farm acquisitions.
Positive Outlook
- Potential farm acquisitions backlog remains strong
- Low cost capital
- Success in the equity markets, particularly with common stock
- Extremely low interest rates secured in financing the acquisitions
- Full impact of acquisitions that occurred during the last three weeks of 2020
Historical Earnings Impact
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Avg. Return Before/After Earnings
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