Business
Gladstone Land Announces Third 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 / November 9, 2021 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") today reported financial results for the third quarter ended September 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.Third Quarter 2021 Activity:Portfolio Activity:Property Acquisitions: Acquired five new farms, consisting of 1,516 total acres in three different states (CA, FL, and OR), and 5,000 acre-feet (equal to approximately 1.6 billion gallons) of banked water for approximately $62.3 million. On a weighted-average basis, these acquisitions will yield an initial, minimum net capitalization rate of 6.0%. 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 six new lease agreements on certain of our farms in three different states (CA, MI, and FL) that are expected to result in an aggregate increase in annual net operating income of approximately $132,000, or 10.3%, over that of the prior leases.Debt Activity-New Long-term Borrowings: Secured a total of approximately $30.8 million of new, long-term borrowings from two different lenders. On a weighted-average basis, these loans will bear interest at an expected effective interest rate of 2.75% and are fixed for the next 10.0 years.Equity Activity:Series C Preferred Stock: Sold 578,426 shares of our 6.00% Series C Cumulative Redeemable Preferred Stock (the \"Series C Preferred Stock\") for net proceeds of approximately $13.2 million.Common Stock-ATM Program: Sold 1,565,925 shar...