Business
Gladstone Land Announces Third Quarter 2020 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 / November 4, 2020 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") today reported financial results for the third quarter ended September 30, 2020. 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, appears 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.GladstoneFarms.com.Third Quarter 2020 Activity:Portfolio Activity:Property Acquisitions: Acquired eight new farms, consisting of 3,473 total acres across three different states (including two new states), for approximately $39.2 million. On a weighted-average basis, these farms were acquired at an initial, minimum net capitalization rate of 5.4%. However, the leases on these farms contain certain provisions (e.g., annual rent escalations or participation rents) that are expected to drive cash rents higher in future years.Leasing Activity: Executed four new lease agreements on certain of our farms in two different states (CA & FL) that are expected to result in an aggregate increase in annual net operating income of approximately $181,000, or 11.3%, over that of the prior leases.Rent Collections: Collected 100% of the rent owed during each of the three and nine months ended September 30, 2020.Financing Activity-New Long-term Borrowing: Secured a loan of approximately $4.5 million from a new lender at an expected effective interest rate of 3.24%, which is fixed for the next 10 years.Equity Activity:Series C Preferred Stock: Sold 289,494 shares of our 6.00% Series C Cumulative Redeemable Preferred Stock (the \"Series C Preferred Stock\") for net proceeds of approximately $6.6 million.Common Stock: Sold 526,016 shares of our common stock for net proceeds of approximately $8.4 million under our \"at-the-market\" program (the...