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Dec 31, 2019
Gladstone Land Q4 2019 Earnings Report
Reported financial results for the fourth quarter and year ended December 31, 2019.
Key Takeaways
Gladstone Land Corporation reported net income of $958,000 for the quarter, with AFFO reaching $3.5 million, or $0.17 per common share. The increase in AFFO was driven by higher lease revenues, partially offset by increased operating expenses. Total lease revenues increased by $2.5 million, primarily due to $1.5 million of participation rents and additional rents from recent acquisitions.
Net income for the quarter was approximately $958,000, compared to approximately $523,000 in the prior quarter.
AFFO for the quarter was approximately $3.5 million, an increase of approximately $589,000, or 19.9%, from the prior quarter.
AFFO per common share increased to approximately $0.17 for the current quarter, compared to $0.14 for the prior quarter.
Total lease revenues increased by approximately $2.5 million, or 22.5%, primarily driven by approximately $1.5 million of participation rents recorded during the current quarter.
Forward Guidance
Gladstone Land anticipates continued growth and success in 2020, driven by recent acquisitions and favorable lease terms.
Positive Outlook
- Expected high net yields from rents on 2019 acquisitions.
- Low interest rates secured on related borrowings.
- Considerable increases in rental rates on lease renewals.
- Continued appreciation in the value of underlying farms.
- Strong production and pricing from farms growing nuts.
Challenges Ahead
- Company’s ability to procure financing for investments.
- Downturns in the current economic environment.
- The performance of its tenants.
- The impact of competition on its efforts to renew existing leases or re-lease real property.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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