Sector: N/A | Industry: N/A |
See Regulatory Filings on SEC |
Company Contact | |
Address: | SUITE 200, 1521 WESTBRANCH DRIVE MCLEAN VA 22102 |
Tel: | N/A |
Website: | https://www.gladstonefarms.com |
IR: | See website |
Key People | ||
David J. Gladstone Chairman of the Board, President, Chief Executive Officer | Lewis Parrish Chief Financial Officer, Assistant Treasurer | Terry Lee Brubaker Chief Operating Officer | Jay Beckhorn Treasurer |
Business Overview |
Gladstone Land Corporation is a real estate investment trust that acquires and owns farmland and farm-related properties located in various agricultural markets in the United States. The Company owns around 168 farms, comprised of 112,000 acres in 15 different states and 46,400 acre-feet of water assets in California. Its farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables. It also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards. Approximately 30% of the Company's fresh produce acreage is either organic or in transition to become organic, and over 20% of its permanent crop acreage falls into this category. The Company may also acquire property related to farming, such as cooling facilities and processing buildings, among others. Its adviser is Gladstone Management Corporation. |
Financial Overview |
For the three months ended 31 March 2024, Gladstone Land Corp revenues decreased 4% to $20.3M. Net income applicable to common stockholders totaled $7.4M vs. loss of $4.3M. Revenues reflect Lease revenue decrease of 6% to $19.8M. Net Income reflects G/L on sale of inv properties - property increase from $481K (expense) to $10.3M (income), Property and casualty (loss) recovery decrease from $1M (expense) to $0K. |