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Jun 30, 2020
Gladstone Land Q2 2020 Earnings Report
Reported financial results for the second quarter ended June 30, 2020.
Key Takeaways
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.
Acquired two new farms for approximately $17.7 million.
Renewed the lease on one farm in California, expected to increase annual net operating income by approximately $161,000.
Secured approximately $16.3 million of new, long-term borrowings at a weighted-average effective interest rate of 2.81%.
Increased the monthly distribution run rate on common stock by 0.11% and paid total cash distributions of $0.1341 per share.
Gladstone Land
Gladstone Land
Forward Guidance
The company's farms continue to be 100% leased, and the team continues to have success with lease renewals at higher rental rates, which we believe indicates the strong demand by growers for the Company's farms. The impact on the Company's operations continue to be minimal, as most of its tenants sell their products to grocery stores, with very little of their sales going to restaurants and other segments of the food service industry.