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Sep 30, 2021
Gladstone Land Q3 2021 Earnings Report
Reported financial results for the third quarter ended September 30, 2021.
Key Takeaways
Gladstone Land Corporation reported a net income of $1.5 million for the quarter, a significant increase from the prior quarter's net loss of $531,000. AFFO also increased to $5.3 million, or $0.17 per common share, driven by higher lease revenues, and the estimated NAV per share increased to $13.80.
Acquired five new farms, consisting of 1,516 total acres and 5,000 acre-feet of banked water for approximately $62.3 million.
Executed six new lease agreements expected to result in an aggregate increase in annual net operating income of approximately $132,000, or 10.3%, over that of the prior leases.
Secured approximately $30.8 million of new, long-term borrowings at an expected effective interest rate of 2.75%, fixed for the next 10.0 years.
Increased the distribution run rate on common stock by a total of 0.22% and paid monthly cash distributions totaling $0.1353 per share during the quarter.
Forward Guidance
The second half of 2021 is shaping up to be a strong one, with preliminary reports indicating strong pricing and crop yields for many farmers, continued appreciation in farm values, and sufficient water on all farms. The company continues to be active on the acquisition front.
Positive Outlook
- The second half of 2021 is shaping up to be a strong one.
- Preliminary reports on pricing and crop yields on our farms indicate strong years for many of our farmers.
- 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.
- Our backlog of potential farm acquisitions remains strong, and we have several more farms that we are hopeful of closing on over the next several months.
Historical Earnings Impact
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