Gladstone Land Q1 net income $13.6M on $10.4M farm gain; AFFO falls 13%

GLADSTONE LAND Corp

2024-Q1 EPS reported $0.21 revenue$20,252,000

Net income to common stockholders $7.4M ($0.21/sh) vs net loss $4.3M ($0.12) YoY; AFFO fell 13% to $5.1M ($0.14).
Total operating revenues down 4.5% to $20.3M; cash lease revenues fell 6.3% on Florida farm sale and vacancies.
Sold 3,748-acre Florida farm for $65.7M, net gain of $10.4M; proceeds used to reduce debt by $16.2M.
Common dividend run rate raised 0.22% to $0.0466/month; 34th increase in 37 quarters, cumulative 55.3%.
NAV per share rose to $18.50 from $17.12; occupancy 98.9% with 5 farms vacant or direct-operated.

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 first quarter ended March 31, 2024 results: net income approximately $13.6 million, EPS $0.21 per share.

Period: the first quarter ended March 31, 2024
Net income: approximately $13.6 million
EPS: $0.21 per share
Result: reported results

Exact text from the filing

On May 7, 2024, Gladstone Land Corporation issued a press release announcing its financial results for the first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001495240-24-000015

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