NASDAQ$LAND
Gladstone Land Corporation · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
Announced financial results for the third quarter ended September 30, 2020.
Gladstone Land Corporation reported net income of approximately $1.6 million and AFFO of approximately $3.1 million for the quarter. Total lease revenues increased by approximately $1.4 million, primarily driven by participation rents. NAV per share increased by $0.91 from the prior quarter to $11.97.
- Acquired eight new farms, consisting of 3,473 total acres across three different states for approximately $39.2 million.
- Executed four new lease agreements on certain farms that are expected to result in an aggregate increase in annual net operating income of approximately $181,000, or 11.3%, over that of the prior leases.
- Secured a loan of approximately $4.5 million from a new lender at an expected effective interest rate of 3.24%, which is fixed for the next 10 years.
- Increased the monthly distribution run rate on common stock by 0.22% and paid total cash distributions of $0.13440 per share of common stock for July, August, and September 2020.
Headline financials
Revenue & EPS history
Gladstone Land · Revenue · Quarterly
$14M
Revenue by segment
Gladstone Land · $1.1M total across 1 segment · Q3 2020
- Participation Rents$1.1M—100.0%
Forward guidance
The Company has acquired approximately $75 million of new farms over the past two months, and the team has a robust list of farms they are seeking to acquire over the next several months.
Tailwinds
- Company has acquired approximately $75 million of new farms over the past two months.
- Team has a robust list of farms they are seeking to acquire over the next several months.
- Recently surpassed $1 billion in total farmland value.
- Success with lease renewals.
- Increased net rental rates on these renewals indicate the strong demand for, and continued appreciation in value of, the Company’s farms.
Headwinds
- One farmer owes about $43,000.
- Tenant on the Company's farms sell their products to grocery stores.
- Impact on the Company's farms and farmers as a result of COVID-19 continues to be minimal.
- Most tenants on the Company's farms sell their products to grocery stores, with very little of their sales going to restaurants and other segments of the food service industry.
- Cash flows from operations for the current quarter decreased, primarily due to the timing of when certain rental payments are scheduled to be paid, as well as increases in the amounts of fees paid to our Adviser and interest payments made.
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 Q3 2020
+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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