Business
Gladstone Land Announces Fourth Quarter and Year Ended 2021 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 / February 22, 2022 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") today reported financial results for the fourth quarter and year ended December 31, 2021. 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 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.Highlights for Fiscal Year 2021:Portfolio Activity:Property Acquisitions: Acquired 27 new farms, consisting of 11,463 total acres in seven different states, and 45,000 acre-feet (equal to approximately 14.7 billion gallons) of banked water for approximately $294.5 million. On a weighted-average basis, these acquisitions will yield an initial, minimum net capitalization rate of 5.2%. However, all of the leases on these farms contain certain provisions (e.g., annual rent escalations, CPI adjustments, or participation rents) that are expected to drive cash rents higher in future years.Leasing Activity-Lease Renewals: Executed 17 new lease agreements on certain of our farms in four different states (CA, CO, FL, and MI) that are expected to result in an aggregate increase in annual net operating income of approximately $369,000, or 5.9%, over that of the prior leases.Lease Revenue-Participation Rents: Recorded approximately $5.2 million of revenue from participation rents, compared to approximately $2.4 million in the prior year.Debt Activity:New Long-term Borrowings: Secured new long-term borrowings from seven different lenders resulting in total proceeds of approximately $67.8 million. On a weighted-average basis, these loans will bear interest at an expected effective interest rate of 3.05% and are fixed for the next 9.4 years.Issuance of Series D Term Preferred Stock and Redemption of Series A T...