Business
Gladstone Land Announces Third Quarter 2022 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 8, 2022 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") today reported financial results for the third quarter ended September 30, 2022. 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 2022 Activity:Portfolio Activity:Property Acquisitions: Acquired four new farms, consisting of 1,317 gross acres in two different states (Washington and Oregon), and a 40-acre parcel in Arizona adjacent to an existing farm for a total of approximately $37.4 million. On a weighted-average basis, these acquisitions will yield an initial, minimum net capitalization rate of 6.2%; however, 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.Lease Activity: Executed six new or amended leases (including one early termination and immediate re-leasing of the respective property) on certain of our farms in three different states (AZ, CA, and FL) that are expected to result in an aggregate increase in annual net operating income of approximately $281,000, or 9.8%, over that of the prior leases.Debt Activity-Loan Repayments: Repaid approximately $16.9 million of maturing loans. On a weighted-average basis, these borrowings bore interest at an effective interest rate (after interest patronage) of 2.89%.Equity Activity:Series C Preferred Stock:Amended certain terms of the offering of our 6.00% Series C Cumulative Redeemable Preferred Stock (the \"Series C Preferred Stock\") to (i) reduce the size of the offering from a maximum of 26.0 million shares (up to $650 million)...