NASDAQ$LAND
Gladstone Land Corporation · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Reported financial results, showing an increase in net income and AFFO compared to the prior quarter, driven by higher lease revenues and participation rents.
Gladstone Land reported a net income of $2.0 million for the quarter, with a net loss to common stockholders of $1.4 million, or $0.04 per share. AFFO increased to $6.7 million, or $0.20 per share, driven by higher lease revenues, particularly from participation rents. The company's NAV per share increased by $0.51 to $14.31.
- Net income for the quarter was approximately $2.0 million, compared to $1.5 million in the prior quarter.
- AFFO was approximately $6.7 million, an increase of approximately $1.5 million, or 28.4%, over the prior quarter.
- Total cash lease revenues increased by approximately $2.8 million, or 14.5%, primarily driven by participation rents.
- Estimated NAV per share increased by $0.51 from the prior quarter to $14.31.
Headline financials
Revenue & EPS history
Gladstone Land · Revenue · Quarterly
$22.8M
Revenue by segment
Gladstone Land · $1.2M total across 1 segment · Q4 2020
- Participation Rents$1.2M—100.0%
Forward guidance
The company anticipates another successful year in 2022, with a focus on replenishing the backlog of potential farm acquisitions.
Tailwinds
- Actively working to replenish backlog of potential farm acquisitions.
- Increase the distribution run rate by 0.22%, declaring monthly cash distributions of $0.0453 per share of common stock for each of January, February, and March 2022.
- Recorded $5.2 million in participation rents during the year, which was more than twice the amount recorded in each of the prior two years.
- Secured new long-term borrowings from two different lenders resulting in total proceeds of approximately $3.4 million.
- Increased the size of our credit facility with Metropolitan Life Insurance Company Through the addition of a new $100.0 million long-term note payable.
Headwinds
- Executed five new lease agreements on certain of our farms in three different states that are expected to result in an aggregate decrease in annual net operating income of approximately $659,000 from that of the prior leases.
- California remains under drought conditions.
- The majority of this decrease is due to one lease renewal in which we agreed to pay a fixed amount to cover the majority of the farm's operating expenses in exchange for adding a significant participation rent component to the lease, the result of which will not be known until later in 2022.
- Excluding this lease renewal, the other lease renewals executed subsequent to December 31, 2021, are expected to result in an aggregate decrease in annual net operating income of approximately $25,000, or 2.8%, from that of the prior leases.
- Despite record-breaking storms that came toward the end of 2021, California remains under drought conditions.
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 Q4 2021
+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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