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Dec 31, 2022
Gladstone Land Q4 2022 Earnings Report
Reported financial results for the fourth quarter and year ended 2022.
Key Takeaways
Gladstone Land Corporation reported a net income of $1.1 million for the quarter. AFFO was approximately $6.8 million, or $0.19 per share. Total cash lease revenues increased by approximately $668,000, primarily driven by participation rents recorded during the current quarter of approximately $4.7 million.
Net income for the quarter was approximately $1.1 million, compared to approximately $1.8 million in the prior quarter.
Net loss to common stockholders during the quarter was approximately $4.8 million, or $0.14 per share.
AFFO for the quarter was approximately $6.8 million, or $0.19 per share.
Estimated NAV per share increased by $0.52 from the prior quarter to $17.08 at December 31, 2022.
Gladstone Land
Gladstone Land
Forward Guidance
Acquisition activity continues to be slow for us, and we expect that to be the case through at least the first half of 2023, as we continue to act conservatively with our capital and be more selective with acquisitions in light of increased interest rates. The overall food segment, and more particularly, the food-at-home segment, both continue to outpace overall inflation. We expect demand for food and crop pricing to continue to stay strong, and we believe our current portfolio is poised to benefit from continued high inflation.
Positive Outlook
- Strong overall participation rent numbers.
- The recent floods in California brought some much-needed relief to the region and has improved drought conditions significantly, as snowpack levels are two times their 20-year historical averages.
- The overall food segment, and more particularly, the food-at-home segment, both continue to outpace overall inflation.
- We expect demand for food and crop pricing to continue to stay strong.
- We believe our current portfolio is poised to benefit from continued high inflation.
Challenges Ahead
- Acquisition activity continues to be slow for us.
- We expect acquisition activity to be slow through at least the first half of 2023.
- We continue to act conservatively with our capital.
- We are being more selective with acquisitions in light of increased interest rates.
- Write-off of approximately $939,000 in aggregate straight-line rent receivable balances associated with six leases to two separate tenants.