Business
Gladstone Land Announces First Quarter 2023 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 8, 2023 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") today reported financial results for the first quarter ended March 31, 2023. 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 2023 Activity:Portfolio Activity:Lease Activity: Executed five new or amended lease agreements on certain of our farms in three different states that are expected to result in an aggregate increase in annual net operating income of approximately $598,000, or 12.2%, from that of the prior leases.California Floods: Due to periods of heavy rainfall and the resulting flooding experienced in California earlier in the year, certain structures on one of our farms were damaged. We currently estimate the amount of damage on this farm to be approximately $855,000 and recognized such loss during the first quarter. We currently expect the damage to be fully covered by either insurance or the tenant's obligations pursuant to the lease. None of our other farms were materially impacted as a result of the floods.Self-operated and Non-accrual Properties: As of and during a portion of the quarter ended March 31, 2023, we had one farm that was self-operated (via a management agreement with an unrelated third-party), and we recognized revenues from leases with three different tenants on a cash basis (rather than on a straight-line basis as prescribed under GAAP) due to credit issues with such tenants. Two of these three tenants made rental payments to us (in part or in whole) during or since the quarter ended March 31, 2023. We are in discussions with all existing tenants and prospective new tenants on each of these ...