Gladstone Land Q4 AFFO down 17.7% YoY to $5.4M; occupancy 99.5%; post-quarter farm sale yields $10.4M gain

GLADSTONE LAND Corp

2023-FY EPS reported -$0.28 revenue$90,398,000

Q4 AFFO $5.4M ($0.15/sh) vs $6.6M ($0.19) YoY; net loss to common $4.3M ($0.12).
FY23 AFFO $20.3M ($0.569/sh) vs $24.3M ($0.701); net loss to common $9.9M ($0.28).
Executed 30 lease renewals; excluding non-accrual, annual NOI up $1.6M (+8.7%); vacant/direct farms reduced NOI $1.7M.
Post-quarter sold 3,748-acre FL farm for $65.7M, net gain $10.4M (60% ROE); Q4 sold 138-acre FL for $9.6M (gain $6.4M).
Common dividend raised 0.22% to $0.0465/mo; 33rd increase in 36 quarters (cumulative 55% increase).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GLADSTONE LAND Corp reported the fourth quarter ended December 31, 2023 results: net income approximately $1.8 million, EPS $0.12 per share.

Period: the fourth quarter ended December 31, 2023
Net income: approximately $1.8 million
EPS: $0.12 per share
Result: reported results

Exact text from the filing

Fourth Quarter 2023 Results: Net income for the quarter was approximately $1.8 million, compared to approximately $1.1 million in the prior-year quarter. Net loss to common stockholders during the quarter was approximately $4.3 million, or $0.12 per share, compared to approximately $4.8 million, or $0.14 per share, in the prior-year quarter.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GLADSTONE LAND Corp reported financial results for the year ended December 31, 2023.

Period: the year ended December 31, 2023
Result: reported results

Exact text from the filing

Gladstone Land Corporation issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2023.

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Source: SEC EDGAR

accession 0001495240-24-000006

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