Business
Gladstone Land Announces Second Quarter 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 / August 10, 2021 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") today reported financial results for the second quarter ended June 30, 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 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.Second Quarter 2021 Activity:Portfolio Activity:Property Acquisitions: Acquired 13 new farms, consisting of 3,970 total acres, and 20,330 acre-feet of banked water for approximately $79.7 million. These farms were located across three different states, including one new state. On a weighted-average basis, these farms were acquired at an initial, minimum net capitalization rate of 5.1%. 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 two new lease agreements on certain of our farms in two different states (MI and FL) that are expected to result in an aggregate increase in annual net operating income of approximately $57,000, or 14.9%, over that of the prior leases.Equity Activity:Series C Preferred Stock: Sold 404,049 shares of our 6.00% Series C Cumulative Redeemable Preferred Stock (the \"Series C Preferred Stock\") for net proceeds of approximately $9.2 million.Common Stock-ATM Program: Amended our \"at-the-market\" program (the \"ATM Program\") to allow us to sell up to $160.0 million of additional shares of our common stock (expanding the aggregate offering price to up to $260.0 million) and sold 2,946,113 shares of our common stock for net proceeds of approximately $63.2 million under the ATM Program.Increase...