NASDAQ$LAND
Gladstone Land Corporation · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Gladstone Land reported first quarter 2024 results, with net income increasing significantly due to the sale of a farm, while AFFO decreased slightly due to lower lease revenues.
Gladstone Land reported a net income of $13.6 million for Q1 2024, a significant increase compared to $1.8 million in the prior-year quarter, primarily driven by the sale of a farm in Florida. However, AFFO decreased to $5.1 million, or $0.14 per share, from $5.9 million, or $0.17 per share, in the prior-year quarter, due to decreased cash lease revenues.
- Net income for the quarter was approximately $13.6 million, compared to approximately $1.8 million in the prior-year quarter.
- Net income to common stockholders was approximately $7.4 million, or $0.21 per share, compared to a net loss of approximately $4.3 million, or $0.12 per share, in the prior-year quarter.
- AFFO for the quarter was approximately $5.1 million, or $0.14 per share, compared to approximately $5.9 million, or $0.17 per share, in the prior-year quarter.
- NAV per share increased by $1.38 from the prior-year quarter to $18.50 at March 31, 2024.
Headline financials
Revenue & EPS history
Gladstone Land · Revenue · Quarterly
$20.3M
Revenue by segment
Gladstone Land · $1.2M total across 1 segment · Q4 2020
- Participation Rents$1.2M—100.0%
Forward guidance
The company is working through issues with a few tenants and aims to resolve vacant or direct-operated properties by the end of the year. The balance sheet remains strong with nearly 100% of borrowings at fixed rates, but high borrowing costs impact the ability to purchase new farms. Focus is on securing additional water rights in California.
Tailwinds
- Balance sheet remains strong with nearly 100% of borrowings at fixed rates.
- Focusing efforts on securing additional water rights for farms in California.
- Taking advantage of surplus water supplies and storing water for future use.
- Working to resolve issues with vacant or direct-operated properties.
- Aiming to resolve these situations by the end of the year.
Headwinds
- Results were slightly down from last year due to lost revenue from a large farm sale.
- High borrowing costs continue to impact the ability to purchase new farms and lease them at high enough rates.
- Currently have five properties that are either vacant or being direct-operated.
- Working through issues with a few of our tenants.
- Lost revenue from a large farm in Florida
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+0.2%
Avg return
Earnings day
+0.7%
Avg return
5 days after
-1.0%
Avg return
30 days after
54%
26 / 48 earnings
Positive
+8.7%
Q4 2025
Best reaction
-10.0%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.3% | -3.4% | -6.4% | |
| Q4 2025 | +8.7% | +5.6% | -14.2% | |
| Q3 2025 | +1.1% | +8.1% | -1.2% | |
| Q1 2025 | +2.8% | +1.6% | +5.9% | |
| Q4 2024 | +1.3% | -0.9% | -9.3% | |
| Q3 2024 | -1.5% | -7.5% | -14.3% | |
| Q2 2024 | -0.2% | -1.0% | -2.7% | |
| Q1 2024 | +1.8% | +3.2% | +3.7% | |
| Q4 2023 | -2.5% | -3.5% | -2.4% | |
| Q3 2023 | -4.8% | -4.6% | -1.1% | |
| Q2 2023 | +0.9% | -1.0% | -7.2% | |
| Q1 2023 | -3.3% | -1.8% | +9.5% | |
| Q4 2022 | -2.5% | -6.8% | -19.3% | |
| Q3 2022 | +2.1% | +7.3% | -3.6% | |
| Q2 2022 | -2.7% | -1.6% | -12.6% | |
| Q1 2022 | -10.0% | -14.2% | -21.1% | |
| Q4 2021 | -3.0% | +4.0% | +22.0% | |
| Q3 2021 | +3.6% | +9.2% | +20.8% | |
| Q2 2021 | -4.4% | +0.0% | -2.4% | |
| Q1 2021 | +3.3% | +10.6% | +12.0% | |
| Q4 2020 | +2.3% | +2.4% | +1.3% | |
| Q3 2020 | -0.9% | -2.5% | +4.4% | |
| Q2 2020 | -1.7% | -0.5% | -5.7% | |
| Q1 2020 | +2.2% | +0.7% | +11.9% | |
| Q4 2019 | +2.9% | +0.6% | -24.6% | |
| Q3 2019 | +0.0% | +0.9% | +8.5% | |
| Q2 2019 | +1.0% | +1.6% | +1.2% | |
| Q1 2019 | -0.4% | -0.6% | -2.9% | |
| Q4 2018 | +1.3% | -0.9% | +2.2% | |
| Q3 2018 | +2.2% | +3.2% | +4.6% | |
| Q2 2018 | -4.0% | -0.2% | +1.9% | |
| Q1 2018 | +0.6% | +1.6% | +2.1% | |
| Q4 2017 | -1.0% | +2.2% | +3.0% | |
| Q3 2017 | -0.5% | -0.4% | -2.7% | |
| Q2 2017 | +2.4% | +5.4% | -0.1% | |
| Q1 2017 | -0.5% | -0.5% | +2.9% | |
| Q4 2016 | +4.1% | +4.6% | -8.1% | |
| Q3 2016 | +2.7% | +6.3% | +4.1% | |
| Q2 2016 | -0.3% | -0.7% | +1.2% | |
| Q1 2016 | -1.4% | — | — | |
| Q4 2015 | +1.1% | — | — | |
| Q3 2015 | +2.1% | — | — | |
| Q2 2015 | +0.9% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | +5.5% | — | — | |
| Q4 2013 | -3.7% | — | — | |
| Q2 2013 | +5.7% | — | — | |
| Q4 2012 | +1.8% | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — |
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