Gladstone Land Announces Second Quarter 2024 Results

Gladstone Land Corporation (Nasdaq: LAND) reported its financial results for the second quarter ended June 30, 2024. The company faced a net loss of approximately $823,000 compared to a net income of $7.9 million in the prior-year quarter. The net loss to common stockholders was $6.7 million, translating to $0.19 per share.

Despite challenges, the Adjusted Funds From Operations (AFFO) increased slightly to $3.7 million, or $0.103 per share. The company executed new leases and acquired additional water assets, enhancing future water security. Notably, Gladstone Land's distribution increased by 0.22%, with a quarterly payout of $0.1398 per share.

Total operating revenues showed a minor increase, while fixed base cash rents dropped due to property sales and lease modifications. The company's portfolio faced a decrease in net operating income by $452,000, attributing to tenancy issues on certain farms.

Gladstone Land's balance sheet reflected lower asset valuations and a decrease in NAV per share to $17.59. However, the company enhanced its liquidity and capital access, partly due to fixed-rate borrowings.

The results were aligned with expectations, with ongoing efforts to resolve tenancy issues and a strategic focus on water asset acquisitions proving beneficial.