Business
Gladstone Land Announces First Quarter 2022 Results
Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment
About this update from Gladstone Land Corporation
[{"type":"text","content":"Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision.MCLEAN, VA / ACCESSWIRE / May 10, 2022 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") today reported financial results for the first quarter ended March 31, 2022. A description of funds from operations (\"FFO\"), core FFO (\"CFFO\"), adjusted FFO (\"AFFO\"), and net asset value (\"NAV\"), all non-GAAP (generally accepted accounting principles in the United States) financial measures, appear at the end of this press release. All per-share references are to fully-diluted, weighted-average shares of the Company's common stock, unless noted otherwise. For further detail, please refer to the Company's Quarterly Report on Form 10-Q (the \"Form 10-Q\"), which is available on the Investors section of the Company's website at www.GladstoneLand.com.First Quarter 2022 Activity:Portfolio Activity-Lease Renewals: Executed seven new lease agreements on certain of our farms in four different states (CA, CO, MI, and NE) that are expected to result in an aggregate decrease in annual net operating income of approximately $580,000 from that of the prior leases. The majority of this decrease is due to one lease renewal pursuant to which we agreed to pay a fixed amount to cover the majority of the farm's operating expenses in exchange for adding a significant participation rent component to the lease, the result of which will not be known until later in 2022. Excluding this lease renewal, the other lease renewals executed during the quarter are expected to result in an aggregate increase in annual net operating income of approximately $55,000, or 2.8%, from that of the prior leases.Debt Activity:New Long-term Borrowings: Received approximately $5.1 million in total proceeds from new long-term borrowings secured from two different lenders. On a weighted-average basis, these loans will bear interest at an expected effective interest rate of 3.46% and are fixed for the next 9.2 years.MetLife Facility: Increased the size of our credit facility with Metropolitan Life Insurance Company (\"MetLife\") through the addition of a new $100.0 million long-term note payable.Interest Patronage: Recorded approximately $2.8 million of interest patronage, or refunded interest, relat...