Gladstone Land Reports Fourth Quarter and Year End 2024 Financial Results

Gladstone Land Corporation (NASDAQ: LAND) has released its financial results for the fourth quarter and year ended December 31, 2024. The company’s announcement detailed various aspects of its operations, financial performance, and strategic activities throughout the year.

In the fiscal year 2024, Gladstone Land highlighted several key achievements:

1. Portfolio Activity:
– Sold 12 farms in Florida and Michigan, totaling 4,395 acres, for approximately $70.6 million, resulting in a net gain of about $10.0 million.
– Executed multiple lease agreements, including renewals and amendments, leading to an increase in annual net operating income on certain properties.
– Secured additional water assets in California, further enhancing operational capabilities.

2. Debt and Equity Activity:
– Repaid loans and recorded interest patronage, reducing interest expenses.
– Sold preferred stocks and common stocks under various programs.
– Increased distribution run rate on common stock and paid monthly cash distributions.

3. Financial Results:
– Net income for the year was approximately $13.3 million, with AFFO at around $16.7 million.
– Quarterly results saw a net income of about $539,000, with AFFO at approximately $3.4 million.

4. Subsequent Activity:
– Sold seven farms in Florida and Nebraska for gross proceeds of $64.5 million.
– Executed new lease agreements on permanent crop farms in California.
– Repaid loans scheduled to reprice at market rates later in 2025.

David Gladstone, President and CEO of Gladstone Land, provided insights into the company’s strategic moves, emphasizing the company’s commitment to optimizing farm performance and operational efficiencies.

Gladstone Land remains focused on addressing challenges and opportunities within its portfolio, including structuring leases to adapt to market conditions. The company aims to enhance profitability while maintaining a strong balance sheet.

For fiscal transparency, the company outlined non-GAAP financial measures, including Funds From Operations (FFO), Core FFO (CFFO), Adjusted FFO (AFFO), and Net Asset Value (NAV), presenting a comprehensive view of its financial health.

Gladstone Land expressed caution regarding forward-looking statements, acknowledging inherent risks and uncertainties that could impact actual results compared to the company’s current plans.

For investors and stakeholders seeking further details on Gladstone Land’s financial performance and outlook, the company hosted a conference call on February 20, 2025. Additionally, the full details of the annual report, including the Form 10-K, are available on the company’s investor section of the website.

Gladstone Land, a publicly traded real estate investment trust, specializes in acquiring and owning farmland and farm-related properties across major U.S. agricultural markets. The company continues to evolve and adapt its strategies to navigate the dynamic agricultural landscape effectively.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Gladstone Land’s 8K filing here.

Gladstone Land Company Profile

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 169 farms, comprised of approximately 116,000 acres in 15 different states and over 45,000 acre-feet of banked water in California, valued at a total of approximately $1.6 billion.