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Mar 31, 2022
Gladstone Land Q1 2022 Earnings Report
Gladstone Land reported financial results, showing a decrease in net income and AFFO compared to the prior quarter, while NAV per share increased.
Key Takeaways
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.
Net income for the quarter was approximately $1.2 million.
AFFO was approximately $6.4 million for the current quarter.
Total cash lease revenues decreased by approximately $2.7 million.
Estimated NAV per share increased by $1.23 to $15.54.
Gladstone Land
Gladstone Land
Forward Guidance
Gladstone Land is focused on replenishing its backlog of potential farm acquisitions, while being conservative with capital due to the uncertain economic environment. They anticipate participation rents coming in later in the year and expect another successful year overall.
Positive Outlook
- The results this quarter showed the full impact of about $147 million of acquisitions that occurred during the last quarter of 2021.
- We have been busy replenishing our backlog of potential farm acquisitions.
- We do have few farms that we are hopeful of closing on over the next several months.
- We continue to see appreciation in the value of most of our farms, particularly those in the western U.S.
- All of our farms continue to have sufficient water at this time.
Challenges Ahead
- Given the level of uncertainty surrounding the current economic environment, we believe now is a time to be somewhat conservative with our capital and thus have been a bit more selective with our acquisitions recently.
- The decrease in AFFO was primarily driven by higher participation rents recorded during the prior quarter
- Cash flows from operations for the current quarter decreased by approximately $4.5 million from the prior quarter
- Total cash lease revenues decreased by approximately $2.7 million
- Net loss to common stockholders during the quarter was approximately $2.7 million, or $0.08 per share