Gladstone Land Reports Second Quarter 2021 Results; David Gladstone Discusses
MCLEAN, VA - Gladstone Land Corporation has been rapidly expanding its portfolio as it continues to add new acquisitions to its belt. Highlighting its recent successes, the company released its second quarter 2021 financial results, revealing substantial growth through several newly announced agreements.
"Things got back on track for us this quarter, as we completed about $80 million of acquisitions and expanded our farmland holdings into a new state for us,” said David Gladstone, President and Chief Executive Officer. “We also purchased some banked water in connection with one of the California acquisitions. We believe owning supplemental water like this will help protect the value of some of our farms in the area. While the drought is quite severe in many parts of the state, all of our farms currently have enough water to complete the current crop cycle. We believe we will be fine for next year, too.”
In the financial results, the company reported impressive portfolio growth, acquiring 13 new farms consisting of 3,970 total acres, and 20,330 acre-feet of banked water for approximately $79.7 million. According to the release, these farms were located across three different states, including one new market.
The company also executed two new lease agreements for its farms in Michigan and Florida, which are expected to result in an aggregate increase in annual net operating income of approximately $57,000, or 14.9 percent, over that of the prior leases.
“We are looking forward to the second half of the year, as our backlog of potential farm acquisitions remains strong, and we are currently expecting a decent amount of participation rents to come in during the year ending December 31, 2021," Gladstone added.
To read the full financial report, click here.
I’m willing to bet this isn’t the last we’ll hear from Gladstone Land as it continues to build out its expansive portfolio, so keep reading ANUK to stay in the know.