Loading...
•
Dec 31, 2020
Gladstone Land Q4 2020 Earnings Report
Reported financial results for the fourth quarter and year ended December 31, 2020.
Key Takeaways
Gladstone Land Corporation reported a net income of approximately $91,000 for the quarter, with a net loss to common stockholders of approximately $2.4 million, or $0.10 per share. AFFO for the quarter was approximately $3.6 million, or $0.15 per common share. The company's NAV per share increased by $0.26 to $12.23 at December 31, 2020.
Net income for the quarter was approximately $91,000, compared to approximately $1.6 million in the prior quarter.
Net loss to common stockholders during the quarter was approximately $2.4 million, or $0.10 per share, compared to approximately $824,000, or $0.04 per share, in the prior quarter.
AFFO for the quarter was approximately $3.6 million, an increase of approximately $438,000, or 13.9%, from the prior quarter, while AFFO per common share increased to approximately $0.15 for the current quarter, compared to $0.14 for the prior quarter.
NAV per share increased by $0.26 from the prior quarter to $12.23 at December 31, 2020.
Gladstone Land
Gladstone Land
Gladstone Land Revenue by Segment
Revenue by Segment
Participation Rents Revenue
CapyFin.com Forward Guidance
The Company intends to continue growing its portfolio to further add to the underlying diversity and is hopeful of taking even larger strides in 2021.
Positive Outlook
- Portfolio diversification adds to the security of dividends.
- Continue growing the portfolio to add to the underlying diversity.
- The Company had a strong year from an operational standpoint and continued to cover an increased dividend with AFFO.
- Hopeful that participation rents will increase further in 2021 as several additional farms with participation rent components are scheduled to become active later this year.
- Pleased with the 2020 performance.
Challenges Ahead
- There is no guarantee of anything being received from participation rents.
- Extended the leases on two of our farms (one in CA and one in CO) that were originally scheduled to expire in 2021. In the aggregate, the new leases are expected to result in a decrease in annual net operating income of approximately $132,000, or 6.8%, from that of the prior leases.
- Collected all of the base cash rent amounts owed to us thus far in 2021 except for approximately $97,000 owed from two tenants, which amounts are expected to be collected in full during 2021.
- Significant changes in interest rates.
- Downturns in the current economic environment may significantly affect the company's financial condition.