Q3 2024 Gladstone Land Corp Earnings Call Transcript
Key Points
- Gladstone Land Corp (LAND) executed 21 new or amended leases, resulting in an aggregate increase of net operating income by $309,000 or 11% over prior leases.
- The company has nearly 18 billion gallons of water assets, valued alongside their land at approximately $1.5 billion.
- Gladstone Land Corp (LAND) has a diversified portfolio with farms in 15 different states and 29 growing areas, providing stability and risk mitigation.
- The company successfully raised $4.5 million from sales of common stock and $80,000 from Series E preferred stock, enhancing liquidity.
- Gladstone Land Corp (LAND) maintains over $160 million in liquidity, with 99.9% of borrowings at fixed rates, minimizing exposure to interest rate fluctuations.
- Net income for the third quarter was only $6,000, with a net loss to common shareholders of $5.8 million or 16¢ per share.
- The company experienced a decrease in net operating income by $638,000 due to tenant issues and vacant properties.
- Gladstone Land Corp (LAND) recorded an impairment charge of about $2 million related to Michigan Blueberry farms.
- The company anticipates a $20 million swing from fixed base rents to participation rents over the next five quarters, impacting short-term cash flow.
- NAV per common share decreased from $17.59 to $15.57, primarily due to declines in the value of permanent crop farms.
Welcome to Gladstone Land Corporation's third clutter earnings call. At this time. All participants are in a listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce David Gladstone, Chief Executive Officer and President. Thank you, Mr Gladstone. You may begin.
Well, thank you, Sherry and it was a nice introduction. This is David Gladstone and welcome to the quarterly conference call for Gladstone Land. Thank you all for calling in today. We certainly appreciate you taking time out of your busy day to listen to our presentations before I begin. We'll start with Michael Aals. He's our general counsel, Michael.
Thanks David. Good morning, everybody. Today's report may include forward-looking statements on the
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