Gladstone Land Reports Mixed Financial Results for 2024

Gladstone Land Corporation announced its financial results for the fiscal year ending December 31, 2024. The company reported various shifts in portfolio activity, including the sale of 12 farms, resulting in a net gain of $10 million. Lease activity saw mixed results, with some leases increasing net operating income while others decreased it. Additionally, water assets were bolstered, enhancing their value.

Despite the strategic asset shifts, quarterly net income fell to $539,000 from $1.8 million in the previous year. The company's adjusted funds from operations (AFFO) decreased to $3.4 million, influenced by lower cash rents and property sales. The fiscal year saw a net income of $13.3 million, down from $14.6 million the prior year.

Gladstone Land conducted significant debt activity with loan repayments and recorded interest patronage, reducing interest rates. Equity activities included the sale of preferred and common stock and a share repurchase, capturing $505,000 in gains. Despite challenges, Gladstone aims for portfolio stability and holds strong liquidity plans for the upcoming year.