Gladstone Land Announces Fourth Quarter and Year Ended 2024 Results

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.","length":152,"tagName":"p"},{"type":"text","content":"MCLEAN, VA / ACCESS Newswire / February 19, 2025 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") today reported financial results for the fourth quarter and year ended December 31, 2024. 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 common stock, unless noted otherwise. For further detail, please refer to the Annual Report on Form 10-K (the "Form 10-K"), which is available on the Investors section of the Company's website at www.GladstoneLand.com.","length":841,"tagName":"p"},{"type":"text","content":"Highlights for Fiscal Year 2024:","length":32,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Portfolio Activity:","length":19,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Disposition Activity:","length":21,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Sold 12 farms, consisting of 4,395 total acres in Florida and Michigan, for gross proceeds of approximately $70.6 million, which, after accounting for closing costs, resulted in a total net gain of approximately $10.0 million.","length":226,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":226,"olType":false}]},{"val":[{"type":"text","content":"Lease Activity: Executed 31 amended or new lease agreements during the year as follows:","length":87,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"On annual row crop farms, we renewed or amended 12 different leases that are expected to result in an aggregate increase in annual net operating income of approximately $556,000, or 14.4%, over that of the prior leases.","length":219,"tagName":"p"}]},{"val":[{"type":"text","content":"On permanent crop farms, we executed 19 amended or new leases. With seven of these leases, we changed the lease st...

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