Business
Gladstone Land Announces Second Quarter 2024 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 decision.
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 8, 2024 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") today reported financial results for the second quarter ended June 30, 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 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 2024 Activity:Portfolio Activity:Lease Activity: Executed three amended lease agreements on farms in two different states that are expected to result in an aggregate increase in annual net operating income of approximately $70,000 over the prior leases.Vacant, Direct-operated, and Non-accrual Properties: During a portion of the quarter, we had 19 farms (4 in California, 14 in Michigan, and 1 in Washington) that were either vacant, direct-operated (via management agreements with unrelated third parties) or on which lease revenues were recognized on a cash basis. The year-over-year impact on our operations (Q2 2024 versus Q2 2023) as a result of these properties was a decrease in net operating income of approximately $452,000.California Water Activity: Obtained an additional 4,899 net acre-feet (over 1.6 billion gallons) of water assets at a total cash cost of approximately $1.5 million, or $301 per net acre-foot, and recognized approximately $27,000 of non-cash revenue, which represents the estimated fair value of certain water assets obtained.Equity Activity:Series E Preferred Stock: Sold 800 shares of our 5.00% Series E Cumulative Redeemable Preferred Stock (the \"Series E Preferred Stock\") for net proceeds of approximately $18,000.Repurchase Program: Commenced a share repurchase program of our 6.00% Series B Cumulative Redeemable Preferred Stock (the \"Series B Preferred Stock\") and our 6...