Loading...
•
Jun 30, 2024
Gladstone Land Q2 2024 Earnings Report
Reported a net loss for the quarter and AFFO slightly ahead of the prior year, primarily due to additional participation rents offsetting lost revenues and tenancy issues.
Key Takeaways
Gladstone Land reported a net loss of $823,000 for the second quarter of 2024, compared to a net income of $7.9 million in the prior-year quarter. However, AFFO increased slightly to $3.7 million, or $0.103 per share, compared to $3.6 million, or $0.102 per share, in the prior-year quarter. The company experienced a decrease in fixed base cash rents offset by additional participation rents. They have six properties that are either vacant or being direct-operated.
Net loss for the quarter was $823,000, compared to net income of $7.9 million in the prior-year quarter.
Net loss to common stockholders was $6.7 million, or $0.19 per share, compared to net income of $1.7 million, or $0.05 per share, in the prior-year quarter.
AFFO was $3.7 million, or $0.103 per share, compared to $3.6 million, or $0.102 per share, in the prior-year quarter.
NAV per share decreased by $1.56 from the prior-year quarter to $17.59 at June 30, 2024.
Forward Guidance
Gladstone Land anticipates resolving tenancy issues and potentially selling farms if leasing isn't viable. They also plan to continue acquiring water assets and maintain a strong balance sheet.
Positive Outlook
- Continue to acquire more water at below-market prices
- Provide additional water security to their farms and those growers who lease them
- Balance sheet remains strong, with nearly 100% of borrowings at fixed rates
- Continue to maintain high levels of liquidity
- Continue to maintain overall access to capital
Challenges Ahead
- Values of almond and pistachio farms have been negatively impacted by lower crop prices and higher input costs
- Have six properties (encompassing 13 of their 168 farms) that are either vacant or being direct-operated via agreements with third-party management groups
- Lost revenues from a large farm in Florida that was sold in the first quarter
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...