This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gladstone Land Corporation Reports Results For The First Quarter Ended March 31, 2014

Please note the limited information that follows in this press release is not adequate for making an informed investment judgment.

MCLEAN, Va., May 5, 2014 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) (the "Company") today reported financial results for the first quarter ended March 31, 2014. A description of funds from operations ("FFO"), a relative non-GAAP (generally accepted accounting principles in the United States) financial measure, is located at the end of this press release. All per-share references are to fully-diluted, weighted average shares of common stock unless otherwise noted. Please read the Company's Quarterly Report on Form 10-Q, filed today with the U.S. Securities and Exchange Commission (the "SEC"), which can be retrieved from the SEC's website at or from the Company's website at .

Summary Information :
  For and As of the Quarters Ended    
  March 31, 2014 December 31, 2013 Change ($ / #) Change (%)
Operating Data:        
Total operating revenue  $ 1,495,636  $ 1,177,703  $ 317,933 27.0%
Total operating expenses  1,100,452  883,767  216,685 24.5%
Other expenses  367,643  272,954  94,689 34.7%
Net income before income taxes  27,541  20,982  6,559 31.3%
Income tax provision  6,623  1,328,297  (1,321,674) -99.5%
Net income (loss) available to common stockholders  $ 20,918  $ (1,307,315)  $ 1,328,233 101.6%
Real estate and intangible depreciation and amortization  288,031  213,345  74,686 35.0%
Income tax provision  6,623  1,328,297  (1,321,674) -99.5%
Pre-tax funds from operations available to common stockholders  $ 315,572  $ 234,327  $ 81,245 34.7%
Share and Per Share Data:        
Weighted average common shares outstanding - basic and diluted 6,530,264 6,530,264 0 0.0%
Net income (loss) per weighted average common share - basic and diluted  $ 0.00  $ (0.20)  $ 0.20 101.6%
Pre-tax FFO per weighted average common share - basic and diluted  0.05  0.04  0.01 37.5%
Cash dividends declared per common share  0.09  0.69  (0.60) -86.8%
Balance Sheet Data:        
Real estate and intangibles, net  $ 75,979,461  $ 75,622,247  $ 357,214 0.5%
Total assets  91,623,638  93,673,464  (2,049,826) -2.2%
Total Indebtedness  41,431,998  43,154,165 (1,722,167) -4.0%
Total stockholders' equity  47,945,186  48,511,992  (566,806) -1.2%
Total common shares outstanding 6,530,264 6,530,264 0 0.0%
Other Data:        
Farms owned 21 21 0 0.0%
Acres owned 6,000 6,000 0 0.0%
Occupancy Rate 100.0% 100.0% 0.0% 0.0%

Highlights for the Quarter:
  • Project Completion: Completed a cooler upgrade and expansion at a total cost of $446,000 and will earn additional rent on this amount at an initial rate of 8.5%;
  • Lease Activity: Executed a lease with a new tenant on a property where the existing lease is set to expire in 2014. The new lease is for nine years and will commence upon expiration of the existing lease in November 2014. The new lease provides for an increase in minimum annualized GAAP straight-line rental income of 21% over the existing lease; and
  • Declared Distributions : Declared and paid monthly cash distributions of $0.03 per share of common stock for each of January, February and March.

First Quarter 2014 Results:  Pre-tax FFO increased for the three months ended March 31, 2014, as compared to the three months ended December 31, 2013. The Company saw an increase in operating revenues as a result of the seven farms it acquired during the three months ended December 31, 2013; however, it also experienced an increase in operating expenses. The increase in operating expenses was primarily due to an increase in the management fee paid to our Adviser and additional stockholder-related expenses incurred relating to the annual report and proxy. The increase in the management fee paid to our Adviser was expected, as, per our advisory agreement, the fee was limited in 2013 to 1% of stockholders' equity, less any uninvested proceeds from our initial public offering. However, beginning in 2014, the fee increased to 2% of stockholders' equity, and uninvested proceeds are no longer excluded. Other expenses also increased for the three months ended March 31, 2014, as compared to the three months ended December 31, 2013, due to the interest incurred on increased borrowings under our mortgage note payable.

Net income available to common stockholders for the three months ended March 31, 2014, was $20,918, or $0.00 per share, compared to a net loss available to common stockholders for the three months ended December 31, 2013, of $87,092, or $0.01 per share. This increase was primarily due to the impact on the prior-year period of recognizing $2.1 million of income taxes on a deferred intercompany gain related to land transfers in prior years. These income taxes will be triggered and become due upon the Company's conversion to a REIT, which management expects to be effective for the tax year ended December 31, 2013; thus, such taxes were recorded during 2013. A reconciliation of Pre-tax FFO to net income for both the three months ended March 31, 2014, and December 31, 2013, which the Company believes is the most directly-comparable GAAP measure to Pre-tax FFO, and a computation of basic and diluted Pre-tax FFO and basic and diluted net income per weighted-average share of common stock is set forth in the Summary Information table above.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.30 -0.92%
FB $118.08 0.55%
GOOG $695.81 0.50%
TSLA $232.30 -0.01%
YHOO $35.97 -0.11%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,052.63 -10.74 -0.52%
NASDAQ 4,730.8550 -32.3690 -0.68%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs