Ultime notizie per Gladstone Land (NASDAQ:LAND) Azioni

Gladstone Land

Gladstone Land Corp is an externally-managed, agricultural REIT. It is mainly in the business of owning and leasing farmland. It manages operations in one reporting segment. It is focused on the ownership of high-quality farms and farm-related properties that are leased on a triple-net basis to tenants with a strong operating history and deep farming resources. The farmland is predominantly concentrated in locations where farmers are able to grow either fresh produce annual row crops (e.g., certain berries and vegetables), which are typically planted and harvested annually, or certain permanent crops (e.g., almonds, blueberries, pistachios, and wine grapes). To a much lesser extent, it also own farms that grow certain commodity crops (e.g., corn and beans).

Gladstone Land Corporation - Common Stock

Gladstone Land Corp

Landshare

Gladstone Land Corporation - 5.00% Series D Cumulative Term Preferred Stock

Gladstone Land Corporation - 6.00% Series B Cumulative Redeemable Preferred Stock

Gladstone Land Corporation - 6.00% Series C Cumulative Redeemable Preferred Stock

<a href="https://pr.report/2qp7">Gladstone Land Corporation</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) (the "Company") announced that Executive Vice President (West Coast Operations), Bill Reiman, continues to lead the Company's strategic review and assessment of its permanent cropland portfolio. Mr. Reiman has been a member of the Company's acquisition and portfolio management team since 2013 and is a fifth-generation farmer, most recently serving as Chairman of the California Strawberry Commission and the Ventura County Agricultural Association.
As the Company has noted in recent press releases and earnings calls, prices of certain permanent crops have experienced a downturn over the last 12-18 months, including, but not limited to, almonds, pistachios, and grapes, that, when combined with increased input and borrowing costs, has reduced farm margins significantly. In addition, farmland planted to permanent crops have trees, vines, or bushes that must be maintained throughout the year, leading to additional year-round costs being incurred by the farmer or landowner. Since the Company continues to pay monthly dividends, the timing and volatility of the expenses and revenues associated with permanent crops makes it more difficult to plan for monthly dividends.
As a result, the Company continues to explore its options with certain of these permanent crop farms. Such options may include entering into new leases at decreased fixed base rental rates in exchange for increasing the participation rent component, looking at joint ventures with growers, or selling certain properties on the open market or at auctions. Should the Company sell any of its assets, uses of proceeds may include investing in new assets that the Company expects would generate more steady income and reduce overall portfolio risk or paying off debt as it matures.

News

LAND

Gladstone Land Corp. Is Evaluating Its Permanent Cropland Portfolio Amid Declining Crop Prices And Rising Costs, Exploring Options Like New Leases, Joint Ventures, Or Selling Properties To Maintain Monthly Dividends And Potentially Investing In Assets For Steadier Income Or Paying Off Debt

Maxim Group analyst Michael Diana downgrades Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) from Buy to Hold.

Downgrades

Analyst Ratings

Maxim Group Downgrades Gladstone Land to Hold

Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) reported quarterly earnings of $0.10 per share which missed the analyst consensus estimate of $0.12 by 14.17 percent. The company reported quarterly sales of $21.297 million which beat the analyst consensus estimate of $20.138 million by 5.75 percent. This is a 0.41 percent increase over sales of $21.210 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Gladstone Land Q2 2024 AFFO Per Share $0.10 Misses $0.12 Estimate, Sales $21.297M Beat $20.138M Estimate

Mortgage rates are on a steady decline as investors have cemented expectations for upcoming reductions in the federal funds rate, yet mortgage demand continues to <a href="https://www.benzinga.com/topic/real-estate-investing">depict challenges among homebuyers. </a>
The Mortgage Bankers Association has reported Wednesday that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) dropped by 5 basis points to 6.62% for the week ending July 19, 2024. 
This marks the lowest borrowing cost for home purchases since early February 2024.
Despite the decline in mortgage rates, long-term Treasury yields remained stable last week. The 30-year Treasury yield has held steady between 4.20% and 4.25% over the past week.
Market expectations for a 25 basis point rate cut in September hover at 100%, remaining unchanged from the previous week, according to the CME FedWatch Tool. 
<h3 class="wp-block-heading">Bumpy demand for mortgages</h3>
Despite the decline in mortgage rates, mortgage demand has shown some setbacks. While the <a href="https://www.benzinga.com/real-estate/reit/24/07/39816656/fed-rate-cut-expectations-drop-mortgage-rates-to-4-month-lows-surge-in-new-applications-refinanc">previous week&#8217;s drop in mortgage rates </a>spurred a sharp rise in new mortgage and refinancing applications, these trends were more subdued last week.
Mortgage applications fell by 2.2% week-over-week, while the refinance index edged up by 0.3% to 614.9, hitting the highest level since mid-August 2022.
On Tuesday, the National Association of Realtors reported a significant 5.4% decline in existing home sales for June. This drop is likely due to rising buyer apprehensions as median home prices reach new all-time highs. 
Jeffrey Roach, chief economist for LPL Financial, commented on the situation, stating, &#8220;The low supply of homes and high interest rates have depressed affordability to near-term lows. Because of the tight supply of homes available for sale, median prices continue to rise. We should not expect this dynamic to improve until mortgage rates drop and supply increases.&#8221;
<h3 class="wp-block-heading">Market Reactions</h3>
The Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) was flat during the premarket trading session on Wednesday, following a 1% rise on Tuesday.
The SPDR Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) fell 0.5% at the time of this writing, while the VanEck Mortgage REIT Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MORT#NYSE">MORT</a>) rose 0.5%. 
The worst performers in the premarket among real estate stocks were: 
<ul>
<li>Gladstone Land Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) down 3.96%.</li>
<li>Compass, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COMP#NYSE">COMP</a>) down 3.96%.</li>
<li>Service Properties Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SVC#NASDAQ">SVC</a>) down 3.47%.</li>
<li>Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NASDAQ">OPEN</a>) down 2.71%.</li>
<li>Office Properties Income Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPI#NASDAQ">OPI</a>) down 1.48%. </li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/markets/24/07/39920377/us-home-sales-see-sharpest-monthly-decline-in-1-5-years-as-record-high-prices-keep-buyers-on-the-sid">US Home Sales See Sharpest Monthly Decline In 1.5 Years As Record High Prices Keep Buyers On The Sideline</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

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Mortgage Rates Hit Lowest Point Since February As Investors Anticipate Fed Rate Cuts

<a href="https://pr.report/mzg">Gladstone Land Corporation</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) ("Gladstone Land" or the "Company") announced today that its board of directors declared the following cash distributions for each of July, August and September 2024.
Monthly Cash Distributions:
Common Stock: $0.0467 per share of common stock for each of July, August and September 2024, payable per the table below:
Summary of Common Stock Cash Distributions
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Record Date</td>
<td>Payment Date</td>
<td>Amount</td>
</tr>
<tr>
<td>July 22</td>
<td>July 31</td>
<td>$ 0.0467</td>
</tr>
<tr>
<td>August 21</td>
<td>August 30</td>
<td>0.0467</td>
</tr>
<tr>
<td>September 20</td>
<td>September 30</td>
<td>0.0467</td>
</tr>
<tr>
<td colspan="2">Total for the Quarter:</td>
<td>$ 0.1401</td>
</tr>
</tbody>
</table>
</figure>
 &nbsp;

Dividends

Gladstone Land Announces Increase In Monthly Cash Distributions For July, August And September 2024 Resulting In $ 0.1401 For The Quarter

Alliance Global Partners analyst Gaurav Mehta initiates coverage on Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) with a Buy rating and announces Price Target of $16.

Price Target

Initiation

Alliance Global Partners Initiates Coverage On Gladstone Land with Buy Rating, Announces Price Target of $16

Bill Gates is the largest private owner of farmland in the United States, with a portfolio of nearly 270,000 acres, according to the Associated Press.
When asked <a href="https://www.benzinga.com/real-estate/23/02/31073894/bill-gates-finally-explains-why-hes-buying-so-much-u-s-farmland">why he's been purchasing so much farmland</a> in an "Ask Me Anything" session on <a href="https://www.reddit.com/r/IAmA/comments/109eze3/im_bill_gates_and_im_back_for_my_11th_ama_ask_me/">Reddit</a>, Gates responded, "I own less than 1/4000 of the farmland in the US. I have invested in these farms to make them more productive and create more jobs. There isn&#8217;t some grand scheme involved &#8211; in fact, all these decisions are made by a professional investment team."
If you think Gates is making a smart move by investing in farmland, you can do the same with these two <a href="https://www.benzinga.com/go/real-estate-screener">real estate</a> investment trusts (REIT) focused on farmland.
<h2 class="wp-block-heading">Farmland Partners</h2>
Farmland Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FPI#NYSE">FPI</a>) is the largest farmland REIT in the United States by acreage. Its portfolio consists of nearly 300 farms totaling approximately 177,400 acres across 17 states. The company also owns land and buildings for four agriculture equipment dealerships leased to Ag Pro under the John Deere brand in Ohio.
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Farmland Partners currently pays a quarterly dividend of $0.06 per share, equating to an annualized dividend of $0.24 per share, which gives its stock a yield of about 2.2% at the time of this writing.
Farmland Partners may not have a very high yield, but it's worth noting that it paid a special dividend of $0.21 per share in January because of strong asset appreciation. With a strong first quarter already in the books, investors could see another special dividend next year.
<h2 class="wp-block-heading">Gladstone Land Corp.</h2>
Gladstone Land Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) is a farmland REIT with a portfolio of <a href="https://d1io3yog0oux5.cloudfront.net/_3fb088243424b4dbd9de458ed2fcbc29/gladstonefarms/db/858/8909/pdf/LAND_Corporate_February2024+-+V3-FINAL.pdf">168</a> farms totaling nearly 112,000 acres across 15 states. It's primarily focused on farms that grow fresh produce annually, including most fruits and vegetables, as well as certain permanent crops, including blueberries and nuts, because fresh produce has historically outpaced inflation.
<h2 class="wp-block-heading">Trending:</h2>
<ul>
<li>Want to Create a Passive Income Stream? <a href="https://www.benzinga.com/real-estate/23/05/32554601/want-to-grow-your-wealth-passively-these-high-yield-real-estate-notes-might-be-your-holy-grail">These High-Yield Real Estate Notes Might Be Your Holy Grail</a></li>
</ul>
Gladstone currently pays a quarterly dividend of $0.0466 per share, equating to an annualized dividend of $0.5592 per share, which gives its stock a yield of about 4.1% at the time of this writing.
In addition to being a high yielder, Gladstone is a dividend-growth star. In a press release announcing its most recent dividend increase in April, the company proudly noted that it has raised its dividend 34 times over the prior 37 quarters.
<h2 class="wp-block-heading">Read Next:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This<a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100"> Dara Khosrowshahi-backed startup</a> will allow you to become a landlord in just 10 minutes, and you only need $100.</li>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. This platform <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allows individuals to invest in commercial real estate with as little as $5,000.</a></li>
</ul>
Image Credit: Shutterstock

General

First Trust Advantage Preferred Income Fund

Bill Gates Is Bullish on Farmland – Here's How You Can Gain Exposure to the Asset Right Now

Oppenheimer analyst Mitchel Penn maintains Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) with a Outperform and lowers the price target from $20 to $16.

Oppenheimer Maintains Outperform on Gladstone Land, Lowers Price Target to $16

Maxim Group analyst Michael Diana maintains Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) with a Buy and lowers the price target from $19 to $16.

Maxim Group Maintains Buy on Gladstone Land, Lowers Price Target to $16

Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) reported quarterly earnings of $0.14 per share which missed the analyst consensus estimate of $0.15 by 6.67 percent. This is a 17.65 percent decrease over earnings of $0.17 per share from the same period last year. The company reported quarterly sales of $20.252 million which missed the analyst consensus estimate of $22.307 million by 9.21 percent. This is a 4.48 percent decrease over sales of $21.202 million the same period last year.

Gladstone Land Q1 2024 FFO $0.14 Misses $0.15 Estimate, Sales $20.252M Miss $22.307M Estimate

Bill Gates is the largest private owner of farmland in the United States, with a portfolio of nearly 250,000 acres according to <a href="https://landreport.com/land-report-100/bill-gates">The Land Report</a>.
When asked <a href="https://www.benzinga.com/real-estate/23/02/31073894/bill-gates-finally-explains-why-hes-buying-so-much-u-s-farmland">why he's been purchasing so much farmland</a> in an "Ask Me Anything" session on <a href="https://www.reddit.com/r/IAmA/comments/109eze3/im_bill_gates_and_im_back_for_my_11th_ama_ask_me/">Reddit</a>, Gates responded, "I own less than 1/4000 of the farmland in the US. I have invested in these farms to make them more productive and create more jobs. There isn&#8217;t some grand scheme involved &#8211; in fact, all these decisions are made by a professional investment team."
If you think Gates is making a smart move by investing in farmland, you can do the same with this <a href="https://www.benzinga.com/go/real-estate-screener">real estate</a> investment trust (REIT) focused on farmland.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This<a href="https://www.benzinga.com/go/dara-backed-startup"> Dara Khosrowshahi-backed startup</a> will allow you to become a landlord in just 10 minutes, and you only need $100.</li>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/go/marcus-millichap-backed-platform">allowing individuals to invest in commercial real estate with as little as $5,000.</a></li>
</ul>
<h2 class="wp-block-heading">Gladstone Land Corp.</h2>
Gladstone Land Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) is a farmland REIT with a portfolio of 168 farms totaling nearly 112,000 acres across Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, Michigan, Nebraska, New Jersey, North Carolina, Oregon, South Carolina, Texas, and Washington as of its <a href="https://d1io3yog0oux5.cloudfront.net/_eab5a6f0eaef90f1181a7a693b968b44/gladstonefarms/db/858/8909/pdf/LAND_Corporate_February2024+-+V3-FINAL.pdf">most recent investor presentation</a>. It's primarily focused on farms that grow fresh produce annually, including most fruits and vegetables, as well as certain permanent crops, including blueberries and nuts. This is because fresh produce has historically outpaced inflation.
Gladstone currently pays a quarterly dividend of $0.0465 per share, equating to an annualized dividend of $0.558 per share and giving its stock a yield of approximately 4.4% at the time of this writing.
In addition to having a high yield, Gladstone has shown a strong dedication to growing its dividend for its shareholders. In its January dividend hike announcement, the company proudly stated that it has "increased its common stock distributions 33 times over the prior 36 quarters."
If you want to invest like Bill Gates, Gladstone is a great way to do it.
<h2 class="wp-block-heading">Read Next:</h2>
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<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/go/marcus-millichap-backed-platform">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
<li>Collecting passive income from real estate just got a whole lot simpler. A new <a href="https://www.benzinga.com/go/dara-backed-startup">real estate fund backed by Dara Khosrowshahi</a> gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.</li>
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Invest Like Bill Gates With This Top Farmland REIT

EF Hutton analyst Michael Albanese reiterates Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) with a Buy and maintains $20 price target.

Reiteration

EF Hutton Reiterates Buy on Gladstone Land, Maintains $20 Price Target

Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) reported quarterly earnings of $0.15 per share which missed the analyst consensus estimate of $0.19 by 21.05 percent. This is a 28.57 percent decrease over earnings of $0.21 per share from the same period last year. The company reported quarterly sales of $24.45 million which beat the analyst consensus estimate of $24.22 million by 0.98 percent. This is a 1.37 percent decrease over sales of $24.79 million the same period last year.

Gladstone Land Q4 2023 FFO $0.15 Misses $0.19 Estimate, Sales $24.45M Beat $24.22M Estimate

Friday marks the last chance for investors to receive the next dividend payout from Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>). 
<h3>What's Happening</h3>
The company announced on Tuesday that it would pay shareholders a monthly dividend of 4.65 cents per share. On Monday, Gladstone Land will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 4.65 cents lower than it would have opened on any other day.
In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Monday. Shareholders who own LAND as of the end of Friday's session are eligible to receive the 4.65 cents dividend payout for every share that they own. 
According to the company, this dividend will be paid out to shareholders on January 31, 2024. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way. 
<a href="https://www.benzinga.com/quote/LAND">Track real-time stock fluctuations for Gladstone Land on Benzinga.</a>

Friday Is Your Last Chance To Buy Gladstone Land Before The Dividend Payout

Gladstone Land Completes Sale Of A Florida Farm For $65.7M, Sale Price Reflected 22% Increase Over Original Purchase Price

Known globally for his role in technology as the co-founder of Microsoft Corp., Bill Gates has transitioned from developing software that changes the world to amassing a substantial amount of farmland across the United States.&nbsp;
But Gates isn't alone. Many private investors and public companies continue to buy farmland in the U.S. This article examines two of the biggest players in the space: Bill Gates (through Cascade Investment) and Gladstone Land Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>).
<h2 class="wp-block-heading">How Much Farmland Does Bill Gates Own?</h2>
 Just as with his tech career, Gates has taken a go-big-or-go-home approach to investing in farmland. It's believed that he's <a href="https://www.foxnews.com/us/bill-gates-buying-up-threatening-small-farms-guise-saving-planet-author-claims">spent more than $1 billion</a> on acquiring farmland, and there's no reason to believe he'll slow down in the years to come.&nbsp;
Through Cascade Investment, <a href="https://landreport.com/farmer-bill">Gates owns</a> approximately 242,000 acres across 19 states including Alabama, Arkansas, Arizona, California, Florida, Georgia, Illinois, Iowa, Louisiana, Michigan, Mississippi, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Texas, Washington and Wisconsin.
That's enough to make him the largest private owner of farmland in the United States.&nbsp;
<h2 class="wp-block-heading">Bill Gates Vs. Gladstone: Who Owns More Farmland?</h2>
Gladstone Land Corp. is a real estate investment trust (REIT) that specializes in purchasing and leasing high-quality farmland in the United States. The company focuses on generating income through leasing its properties to independent and corporate farmers.&nbsp;
It owns farmland in Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, Michigan, Nebraska, New Jersey, North Carolina, Oregon, South Carolina, Texas and Washington with a total fair market value of approximately $1.6 billion.
Gladstone&#8217;s portfolio <a href="https://www.gladstonefarms.com/investors/company-information">includes</a> ownership of 169 farms, encompassing approximately 116,000 total acres. Additionally, its occupancy rate stands at 99.9%, calculated on gross acreage. Its portfolio spans farms leased to 92 unrelated third-party tenants who grow more than 60 different crop varieties.
So, the answer is clear. While Gladstone is one of the largest owners of farmland in the United States, it only owns roughly half the amount of Gates.
Investing in real estate just got a whole lot simpler and you can get started in minutes with as little as $100. <a href="https://www.benzinga.com/alternative-investments/real-estate">Browse available offerings here</a>.

Who Owns More Farmland: Bill Gates Or Gladstone?

Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) reported quarterly earnings of $0.15 per share. This is a 28.57 percent decrease over earnings of $0.21 per share from the same period last year. The company reported quarterly sales of $23.53 million which beat the analyst consensus estimate of $22.01 million by 6.92 percent. This is a 2.79 percent decrease over sales of $24.21 million the same period last year.

Gladstone Land Q3 Diluted AFFO per share $0.15 Down From $0.21 YoY, Sales $23.53M Beat $22.01M Estimate

Wednesday marks the last chance for investors to receive the next dividend payout from Gladstone Land (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>). 
<h3>What's Happening</h3>
The company announced on Tuesday that it would pay shareholders a monthly dividend of 4.64 cents per share. On Thursday, Gladstone Land will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 4.64 cents lower than it would have opened on any other day.
In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Thursday. Shareholders who own LAND as of the end of Wednesday's session are eligible to receive the 4.64 cents dividend payout for every share that they own. 
According to the company, this dividend will be paid out to shareholders on October 31, 2023. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way. 
<a href="https://www.benzinga.com/quote/LAND">Track real-time stock fluctuations for Gladstone Land on Benzinga.</a>

Gladstone Land: Dividend Insights

When investors discuss real estate investment trusts (<a href="https://www.benzinga.com/real-estate/reit">REITs</a>), they're generally focused on companies that own office buildings, shopping malls, stand-alone stores, self-storage units, warehouses or healthcare establishments.
But there are also specialty REITs that own and operate more distinctive properties, including those related to owning and operating farmland. Because this niche is so specialized, there are only two REITs involved in owning farmland. While neither has performed well in 2023, there is potential for one or both to stage a comeback. Take a look at the details.
Farmland Partners Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FPI#NYSE">FPI</a>) is a Denver-based, internally managed specialty REIT that invests in farmland and originates loans to farmers that are secured by farm real estate. Farmland Partners owns and/or manages over 340 farms totaling 190,200 acres in 20 states.
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Farmland also owns land and buildings in Ohio for four agriculture equipment dealerships. Farmland properties produce 26 crops and have over 100 tenants. Farmland Partners is the No. 1 farmland REIT by total acreage.
Farmland pays a quarterly dividend of $0.06 per share and its annual dividend of $0.24 per share yields 2.3392%. With rising interest rates, most REIT investors are gravitating toward higher yields, and as a result, Farmland has not fared well this year. Its total return in 2023 is negative 16.14%.
But better performance could be in its future. Here are some reasons for optimism:
<ul>
<li>&nbsp;Recent insider purchases. On Sept. 27, CEO and Executive Chairman Paul Pittman purchased 100,000 shares at an average price of $10.26 for a total of $1.03 million. Pittman has made 107 purchases since 2014. and this is his largest ever. The purchase of 100,000 shares could indicate that Pittman knows things are improving and the stock is now undervalued. Over the past two months, several other company directors also received company stock in lieu of cash bonuses.&nbsp;</li>
<li>Farmland gave an update on Sept. 11 to reassure investors that no significant damage occurred to its farmlands from either Hurricane Idalia or Tropical Storm Hilary. In addition, Farmland reported that it has increased its rental rates in 2023 by over 15%.</li>
<li>Recent analyst ratings have been favorable. In August, Raymond James analyst Buck Horne maintained an Outperform rating on Farmland Partners and raised the price target from $13 to $14.</li>
<li>Farmland has realized gains on over $50 million worth of farm sales in the first half of 2023. Farmland is looking to add to that over the second half of the year and intends to use the proceeds to pay down higher-cost debt.&nbsp;</li>
</ul>
A few cautionary notes: The annual $0.24 dividend per share is presently above the forward funds from operations (FFO) of $0.16 per share. This means the payout ratio is over 100% and cash reserves will have to be used to fund the dividend unless FFO begins to increase with Farmland's third-quarter results. With a 2.34% dividend yield, there isn't a lot of room for a dividend cut either if Farmland wants to maintain its income investors.
Farms sold may be beneficial for paying down debt, but the loss of assets also means a loss of earnings and revenue going forward.
Farmland missed estimates for both FFO and revenue in its second-quarter operating results. But the $1.03 million purchase by the CEO/executive chairman could be a tip-off that better FFO results are on the way.
Gladstone Land Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAND#NASDAQ">LAND</a>) is a McLean, Virginia-based specialty REIT that owns farmland and related properties in major agricultural U.S. markets and leases or leases back its properties to farmers. Gladstone owns 169 farms with 116,000 acres across 15 states. Gladstone Gladstone also owns 45,000 acre-feet of banked water in California worth approximately $1.6 billion. About 40% of Gladstone Land's acreage is used for organic produce. Gladstone Land was founded in 1997.
Shares have been on a roller coaster ride since 2019. Shares rose from about $10 in January 2019 to a high of $40.33 in April 2022. But since then, shares have plummeted to a recent closing price of $14.23. Gladstone's total return in 2023 is negative 20.89%. Higher interest rates are the main reason for the decline. Wall Street is concerned that rates will affect Gladstone's long-term debt and its tenants' operations.
There are also some recent positives to report that could help shares rebound from the decimation of 2023.
Gladstone Land is a monthly dividend payer and raised its monthly dividend from $0.046 to $0.0462 in mid-July. Gladstone has now paid out 126 consecutive monthly cash distributions since its January 2013 initial public offering (IPO) and has increased its dividend 31 times over the last 34 quarters.&nbsp;&nbsp;
Analysts have written favorable reports recently on Gladstone Land. In August, EF Hutton analyst Gaurav Mehta assumed Gladstone Land at Buy and announced a price target of $20. On Aug. 11, Ford Equity Research upgraded Gladstone Land from a 4 rating to a 3.
Although the second-quarter FFO of $0.11 was down from $0.13 year over year, revenue of $21.21 million beat the analysts' estimate of $20.39 million and was a 4.52% increase over revenue of $20.29 million in the second quarter of 2022.
There continue to be some risks present in owning Gladstone Land Corp. The annual dividend of $0.5544 yields 3.9%, but the payout ratio is nearly 86%, which does not afford room for much more dividend growth without an increase in FFO.
Gladstone admits that higher interest rates, coupled with high prices on farmland, have made it difficult to initiate new acquisitions. Some of the newer lease agreements have resulted in an aggregate decrease in annual net operating income from prior leases. This is a trend that could be temporary, especially if interest rates begin to taper off, but it's one worth following because it could impact Gladstone's ability to increase its FFO.
Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the <a href="https://www.benzinga.com/money/reit-newsletter">Weekly REIT Report.</a>
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Press Releases

Gladstone Land Announces Increase in Monthly Cash Distributions for July, August and September 2024 and Earnings Release and Conference Call Dates for the Second Quarter Ended June 30, 2024

Gladstone Land Announces Updated Monthly Cash Distribution Dates for July, August and September 2024  For its Series E Preferred Stock

Gladstone Land Corporation Earnings Call and Webcast Information

Gladstone Land Announces Second Quarter 2024 Results

Management

Gladstone Land Announces Election of Katharine Cornell Gorka as Director

Gladstone Land Provides Update on Its Permanent Crop Portfolio

Gladstone Securities Hires East and West Region Wholesalers

Gladstone Land Announces Monthly Cash Distributions for October, November and December 2024 and Earnings Release and Conference Call Dates for the Third Quarter Ended September 30, 2024

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