Gladstone Land Announces First Quarter 2024 Results

Gladstone Land Corporation reported its financial outcomes for the first quarter ending March 31, 2024. The company saw a significant increase in net income, reaching approximately $13.6 million, compared to $1.8 million in the same quarter of the previous year. This increment was primarily a result of gains from the sale of a large farm in Florida. Net income to common stockholders improved substantially to $7.4 million, or $0.21 per share, recovering from a net loss of $4.3 million in the prior year.

The farm sale resulted in a $10.4 million profit, bolstering revenues, but overall cash lease revenues declined by about $1.3 million, a 6.3% decrease. This was mainly due to the sold Florida farm and reduced revenue from some vacant properties. Despite this, operational cost savings were noted, with a $540,000 decrease in core operating expenses due to reduced property management and legal costs.

On the financing side, Gladstone repaid approximately $16.2 million of its bonds and recorded a net increase in distribution to shareholders. The quarterly dividend per share rose slightly from $0.138 to $0.140. The company also secured additional water rights in California, indicative of strategic asset management amid varying climatic conditions impacting farming operations.