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Dec 31, 2023
Gladstone Land Q4 2023 Earnings Report
Reported financial results for the fourth quarter and year ended December 31, 2023.
Key Takeaways
Gladstone Land's net income for the quarter was approximately $1.8 million, with a net loss to common stockholders of approximately $4.3 million, or $0.12 per share. AFFO was approximately $5.4 million, or $0.15 per share. The company is working through issues with a few tenants with five properties currently vacant and is in discussions to buy or lease these farms.
Net income for the quarter was approximately $1.8 million, compared to approximately $1.1 million in the prior-year quarter.
Net loss to common stockholders during the quarter was approximately $4.3 million, or $0.12 per share, compared to approximately $4.8 million, or $0.14 per share, in the prior-year quarter.
AFFO for the quarter was approximately $5.4 million, or $0.15 per share, compared to approximately $6.6 million, or $0.19 per share, in the prior-year quarter.
Common stock dividends declared were $0.139 per share for the current quarter, compared to $0.137 per share for the prior-year quarter.
Forward Guidance
Company is working through issues with a few of its tenants. Company currently has five properties that are vacant and is in discussions with various groups to either buy or lease these farms, and the company hopes to have these situations resolved during the first half of the year. The high borrowing costs continue to impact their ability to purchase new farms.
Positive Outlook
- Balance sheet remains strong, with nearly 100% of borrowings at fixed rates, significantly limiting the impact of increased interest rates.
- Focusing efforts on securing additional water rights for farms in California by taking advantage of surplus water supplies and storing water for future use on our farms.
Challenges Ahead
- Results for the quarter were largely as expected but remained slightly down from last year as we continue to work through issues with a few of our tenants.
- Currently have five properties (encompassing 15 of our 168 farms) that are vacant.
- High borrowing costs continue to impact our ability to purchase new farms.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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