Gladstone Land

Gladstone Land Corp. is an agricultural real estate investment trust, which engages in the business of owning and leasing farmland. It also includes farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. The company was founded by David Gladstone on June 14, 1997 and is headquartered in McLean, VA.

Earnings data Q1 2024

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Rates down, REITs up? Two years of persistent rate-driven pressure on residential and commercial real estate markets appears to finally be abating as the worst of pandemic-era inflationary pressures subside. This 'light-at-the-end-of-the-tunnel' comes as commercial property values were approaching the critical 20% drawdown level, a level that can result in cascading distress that extends beyond the weakest players. Not out of the woods, yet. Expectations of "Higher for Longer" are merely shifting to "High for Long" in which benchmark rates will remain materially above pre-pandemic levels into 2025.

Rates Down, REITs Up

Gladstone Land's stock has dipped 22% year-to-date but is still at a higher FFO multiple compared to other non-farm equity REITs. The REIT's management estimates the underlying value of its assets to be approximately $1.6 billion, while the market cap is only $520 million. LAND has a diversified portfolio of farmland leased to 90 different tenant farmers and pays out a monthly dividend with a 3.8% annualized yield.

Gladstone Land: American Farmland At A Discount, 3.8% Yield

Gladstone Land Corporation's shares have declined by 10%, widening the discount to net asset value. Q3/23 earnings showed a decline in operating revenues, but net asset value per common share increased. The company's cheap valuation got even cheaper, trading at only 0.7x price-to-net asset value.

Gladstone Land: Cheap Valuation Got Cheaper; Reiterate Buy Recommendation

Gladstone Land Corporation (NASDAQ:LAND ) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel and Head, Administration Lewis Parrish - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney Mike Albanese - EF Hutton John Massocca - B. Riley Mike Whitaker - Newbridge Securities Operator Greetings and welcome to the Gladstone Land Corporation Third Quarter Earnings Conference Call.

Gladstone Land Corporation (LAND) Q3 2023 Earnings Call Transcript

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 7, 2023 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") today reported financial results for the third quarter ended September 30, 2023.

Gladstone Land Announces Third Quarter 2023 Results

Gladstone Land specializes in the acquisition and management of farmland and agricultural properties in the United States. With the global population expanding and the climate becoming unpredictable, farming becomes more challenging but more valuable too. My valuation model implies a potential annual return of 13% from the current price; therefore, I consider LAND a Buy.

Gladstone Land: Farmland Shortage Provides Significant Tailwinds

MCLEAN, VA / ACCESSWIRE / November 6, 2023 / Gladstone Land Corporation (Nasdaq:LAND) announces the following event: What: Gladstone Land Corporation's Third Quarter Ended September 30, 2023, Earnings Call & Webcast When: Wednesday, November 8, 2023 @ 8:30 a.m. ET Where: https://event.choruscall.com/mediaframe/webcast.html?webcastid=nPvzj4yn How: By webcast -- Log on to the web at the address above By phone -- Please call (877) 407-9046 Contact: Gladstone Land Corporation, (703) 287-5893 A conference call replay will be available after the call and will be accessible through November 15, 2023.

Gladstone Land Corporation Earnings Call and Webcast Information

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MCLEAN, VA / ACCESSWIRE / October 10, 2023 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced today that its board of directors declared the following cash distributions for each of October, November and December 2023. Monthly Cash Distributions: Common Stock: $0.0464 per share of common stock for each of October, November and December 2023, payable per the table below: Summary of Common Stock Cash Distributions Record Date Payment Date Amount October 20 October 31 $ 0.0464 November 20 November 30 0.0464 December 18 December 29 0.0464 Total for the Quarter: $ 0.1392 The Company has paid 128 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013 and has increased its common stock distributions 32 times over the prior 35 quarters (including this quarter).

Gladstone Land Announces Increase in Monthly Cash Distributions for October, November and December 2023 and Earnings Release and Conference Call Dates for the Third Quarter Ended September 30, 2023

Farmland REITs have been hit by lower crop yield, lower crop prices, and higher interest rate expenses, and share prices have suffered accordingly. Farmland remains a compelling investment, as world population continues to rise, while arable land per capita shrinks. There are only two U.S. Farmland REITs. We examine growth, balance sheet, dividend, and valuation metrics for the larger of the two, Gladstone Land.

Gladstone Land: Better Investment Than Farmland Partners

Gladstone Land Corporation (NASDAQ:LAND ) Q2 2023 Earnings Conference Call August 8, 2023 8:30 AM ET Company Participants David Gladstone - Chairman, CEO and President Michael LiCalsi - General Counsel and Secretary Lewis Parrish - CFO and Assistant Treasurer Conference Call Participants Rob Stevenson - Janney Montgomery Edwin Najarian - EF Hutton Operator Greeting and welcome to the Land Corporation Second Quarter Earnings Conference Call. At this time all participants are in a listen-only mode.

Gladstone Land Corporation (LAND) Q2 2023 Earnings Call Transcript

Gladstone Land (LAND) came out with quarterly funds from operations (FFO) of $0.11 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.13 per share a year ago.

Gladstone Land (LAND) Matches Q2 FFO Estimates

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 7, 2023 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") today reported financial results for the second quarter ended June 30, 2023.

Gladstone Land Announces Second Quarter 2023 Results

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After 4 straight months in the red, the REIT sector surged back into the black year to date with a stellar +7.41% total return in June. Small cap REITs (+8.59%) outperformed again in June. Large caps (+5.51%) again underperformed their smaller REIT peers in June. A remarkable 87.34% of REIT securities had a positive total return in June with 49.69% in the black year to date.

The State Of REITs: July 2023 Edition

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One of the hottest "inflation hedges" during the pandemic, land REITs have fallen out-of-favor as rising rates and normalizing supply chains have created disinflationary - and even deflationary - headwinds for commodities. While services sector inflation remains sticky, goods-related inflation has fallen dramatically over the past nine months, with some inflation reports now showing goods deflation levels typically seen only in recessions.

Land REITs: Disinflation Headwinds

MCLEAN, VA / ACCESSWIRE / July 11, 2023 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced today that its board of directors declared the following cash distributions for each of July, August and September 2023. Monthly Cash Distributions: Common Stock: $0.0462 per share of common stock for each of July, August and September 2023, payable per the table below: Summary of Common Stock Cash Distributions Record Date Payment Date Amount July 21 July 31 $ 0.0462 August 23 August 31 0.0462 September 21 September 29 0.0462 Total for the Quarter: $ 0.1386 The Company has paid 125 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013 and has increased its common stock distributions 31 times over the prior 34 quarters (including this quarter).

Gladstone Land Announces Increase in Monthly Cash Distributions for July, August and September 2023 and Earnings Release and Conference Call Dates for the Second Quarter Ended June 30, 2023

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