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sur Gladstone Land Corporation (NASDAQ:LAND)

Annual Financial Results and Fourth Quarter 2023 for Gladstone Land Corporation

Gladstone Land Corporation (Nasdaq: LAND) has released its financial results for the fourth quarter and full year ending on December 31, 2023. The company sold an uncultivated parcel in Florida, realizing a net gain of approximately $6.4 million. Despite an overall decrease in annual net rental income due to several new leases, renewals of remaining leases are expected to increase annual net operating income by $1.6 million. Floods in California in January 2023 caused an estimated $855,000 in damages to one farm, with no major impact on others. Gladstone Land also invested in water acquisitions and groundwater recharge facilities.

Loan repayments totaling around $36 million were made and dividends on common stock were declared at $0.139 per share for the quarter. Fourth quarter net income was approximately $1.8 million, and annual net income reached approximately $14.6 million. However, equity joint venture rental income decreased, mainly due to lower crop yields and prices, negatively impacting AFFO.

Gladstone Land also engaged in equity activities, including the public offering of its Series C preferred stock and the sale of shares of its Series E for a net proceeds of approximately $5.3 million. Furthermore, the company sold 788,045 shares of its common stock, generating around $15.1 million through its "at-the-market" program.

David Gladstone, President and CEO, commented that despite some challenges with certain tenants and the impact of high borrowing costs, the company continues to focus on securing water rights in California and maintains a strong balance sheet.

R. P.

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