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Jun 30, 2022
Gladstone Land Q2 2022 Earnings Report
Reported financial results for the second quarter ended June 30, 2022.
Key Takeaways
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.
Acquired a 1,374-acre farm in California and a 15-acre parcel in Florida for approximately $24.6 million.
Executed one new lease agreement on a farm in Colorado that is expected to result in an increase in annual net operating income of approximately $170,000.
Sold 1,479,544 shares of 6.00% Series C Cumulative Redeemable Preferred Stock for net proceeds of approximately $33.7 million.
Increased the distribution run rate on common stock by a total of 0.22% and paid monthly cash distributions totaling $0.1362 per share.
Gladstone Land
Gladstone Land
Forward Guidance
The company completed over $60 million of new farm acquisitions and continues to look for new farms that meet their investment criteria. They are acting conservatively with their capital and being more selective with acquisitions due to the continued uncertainty surrounding the current economic environment.
Positive Outlook
- Increase top-line revenues
- Keep property-operating expenses relatively flat
- Complete over $60 million of new farm acquisitions
- New farm acquisitions will be accretive for shareholders
- None of the farms are being impacted by the current wildfires
Challenges Ahead
- Cyclical nature of the second quarter
- No interest patronage to record
- Very little participation rent to record
- Continued uncertainty surrounding the current economic environment
- Being a bit more selective with acquisitions