Gladstone Land Q4 AFFO $0.09 vs $0.15 YoY; NAV per share falls 22% to $14.91

GLADSTONE LAND Corp

2024-FY EPS reported -$0.29 revenue$85,216,000

Q4 net loss to common $5.5M ($0.15/share) vs $4.3M ($0.12) YoY; AFFO $3.4M ($0.09) from $5.4M ($0.15).
FY 2024 AFFO $16.7M ($0.47) down 18% from $20.3M ($0.57); total operating revenue fell 5.7% to $85.2M.
NAV per share dropped 22% to $14.91 at Dec 31, 2024 from $19.06 a year earlier; farmland portfolio value fell 10%.
Sold 12 farms for $70.6M in FY, net gain $10M; post-year-end sold 7 farms for $64.5M, net gain $15.7M.
Occupancy rate slipped to 96.2% from 99.5%; 12 farms vacant/direct-operated/non-accrual; base rents cut for participation rents.

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