Gladstone Land Corporation Reports Third Quarter 2024 Results

Gladstone Land Corporation announced its financial results for the third quarter of 2024. The company reported significant activity in lease and debt management. They renewed or amended leases on row and permanent crop farms with mixed financial outcomes, reflecting industry challenges such as crop price fluctuations and water issues.

The company repurchased preferred stock, resulting in a gain, and increased monthly dividends. Net income was $6,000, with a net loss per common share of $0.16, contrasting with last year's $0.08 loss per share. Adjusted funds from operations per share decreased from $0.15 to $0.13.

Operating revenues fell by 4.1% to $22.57 million, while expenses rose by 11.1% due to increased operating costs. The estimated NAV per share dropped to $15.57, influenced by property reappraisals. The firm remains active in portfolio management and water resource acquisition.