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Gladstone Land Corp
Gladstone Land Corp. is an agricultural real estate investment trust, which engages in the business of owning and leasing farmland. The company is headquartered in Mc Lean, Virginia and currently employs 69 full-time employees. The company went IPO on 2013-01-29. The firm is engaged in the business of owning and leasing farmland. The company owns approximately 164 farms comprised of over 112,542 acres across 15 states in the United States, as well as several farm-related facilities. The firm's farms are located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The company also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards. The company also owns several farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. The firm is managed by its external adviser, Gladstone Management Corporation.
Gladstone Land Corp. is an agricultural real estate investment trust, which engages in the business of owning and leasing farmland. The company is headquartered in Mc Lean, Virginia and currently employs 69 full-time employees. The company went IPO on 2013-01-29. The firm is engaged in the business of owning and leasing farmland. The company owns approximately 164 farms comprised of over 112,542 acres across 15 states in the United States, as well as several farm-related facilities. The firm's farms are located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The company also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards. The company also owns several farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. The firm is managed by its external adviser, Gladstone Management Corporation.
Revenue Recognition: Gladstone Land expects to recognize about $17 million in revenue from pistachio orchards in Q4, a significant increase driven by variable lease structures.
Lease Adjustments: Management shifted several leases to crop share arrangements, boosting potential upside but increasing earnings seasonality.
AFFO Decline: Adjusted FFO fell to $1.4 million ($0.04 per share), down from $4.5 million ($0.13 per share) last year, mainly due to lower fixed rents and property sales.
Strong Crop Performance: Pistachio and almond crops outperformed expectations, while wine grapes remained weak due to global oversupply.
Liquidity & Debt: The company has over $170 million in available capital, with plans to redeem $60.4 million of Series B preferred stock before its coupon rises from 5% to 8%.
Asset Sales: Sold a Florida property for $21.5 million (36% premium to purchase price); may consider more sales, especially if lease restructures aren't feasible.
Market Outlook: Demand and value for prime farmland remain stable, with improving nut crop prices and favorable water conditions supporting long-term optimism.
