NASDAQ$LAND
Gladstone Land Corporation · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported a net loss for the quarter and AFFO slightly ahead of the prior year, primarily due to additional participation rents offsetting lost revenues and tenancy issues.
Gladstone Land reported a net loss of $823,000 for the second quarter of 2024, compared to a net income of $7.9 million in the prior-year quarter. However, AFFO increased slightly to $3.7 million, or $0.103 per share, compared to $3.6 million, or $0.102 per share, in the prior-year quarter. The company experienced a decrease in fixed base cash rents offset by additional participation rents. They have six properties that are either vacant or being direct-operated.
- Net loss for the quarter was $823,000, compared to net income of $7.9 million in the prior-year quarter.
- Net loss to common stockholders was $6.7 million, or $0.19 per share, compared to net income of $1.7 million, or $0.05 per share, in the prior-year quarter.
- AFFO was $3.7 million, or $0.103 per share, compared to $3.6 million, or $0.102 per share, in the prior-year quarter.
- NAV per share decreased by $1.56 from the prior-year quarter to $17.59 at June 30, 2024.
Headline financials
Revenue & EPS history
Gladstone Land · Revenue · Quarterly
$21.3M
Revenue by segment
Gladstone Land · $1.2M total across 1 segment · Q4 2020
- Participation Rents$1.2M—100.0%
Forward guidance
Gladstone Land anticipates resolving tenancy issues and potentially selling farms if leasing isn't viable. They also plan to continue acquiring water assets and maintain a strong balance sheet.
Tailwinds
- Continue to acquire more water at below-market prices
- Provide additional water security to their farms and those growers who lease them
- Balance sheet remains strong, with nearly 100% of borrowings at fixed rates
- Continue to maintain high levels of liquidity
- Continue to maintain overall access to capital
Headwinds
- Values of almond and pistachio farms have been negatively impacted by lower crop prices and higher input costs
- Have six properties (encompassing 13 of their 168 farms) that are either vacant or being direct-operated via agreements with third-party management groups
- Lost revenues from a large farm in Florida that was sold in the first quarter
- Continuing tenancy issues on certain of farms
- May include listing certain farms at auction if not leased or sold beforehand
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 Q2 2024
+0.2%
Avg return
Earnings day
+0.7%
Avg return
5 days after
-0.8%
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% | — | |
| 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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