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Jun 30, 2021
Gladstone Land Q2 2021 Earnings Report
Announced results for the second quarter ended June 30, 2021.
Key Takeaways
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.
Acquired 13 new farms, consisting of 3,970 total acres, and 20,330 acre-feet of banked water for approximately $79.7 million.
Executed two new lease agreements expected to result in an aggregate increase in annual net operating income of approximately $57,000, or 14.9%, over that of the prior leases.
Sold 404,049 shares of Series C Preferred Stock for net proceeds of approximately $9.2 million.
Sold 2,946,113 shares of common stock for net proceeds of approximately $63.2 million under the ATM Program.
Forward Guidance
The company anticipates a strong backlog of potential farm acquisitions and expects a decent amount of participation rents to come in during the year ending December 31, 2021
Positive Outlook
- Completed about $80 million of acquisitions.
- Expanded farmland holdings into a new state.
- Purchased some banked water to protect the value of some farms.
- All farms currently have enough water to complete the current crop cycle.
- Looking forward to the second half of the year with a strong backlog of potential farm acquisitions.
Challenges Ahead
- Drought is quite severe in many parts of the state.
- Net loss for the quarter was approximately $531,000.
- Net loss to common stockholders during the quarter was approximately $3.5 million, or $0.12 per share.
- AFFO was approximately $3.7 million for the current quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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