LAND - Gladstone Land posts in-line Q4 results stock ticks up 1% postmarket

Gladstone Land ( NASDAQ: LAND ) stock ticked up 1.2% postmarket on Tuesday after the agricultural REIT reported Q4 results that were largely in line with estimates.

Q4 FFO was $0.19 vs. consensus of $0.21, while revenue rose 2.4% Y/Y to $24.79M ($24.21M consensus).

Total cash lease revenues increased ~$668K, driven by participation rents of ~$4.7M vs. ~$3M in the prior quarter. Higher participation rents was partially offset by a decrease in fixed base cash rents of ~$1M.

Estimated NAV/share was $17.08 at December 31, 2022, driven by accretive impact of equity issuances and valuation increases in certain farms that were re-appraised during the quarter.

"Acquisition activity continues to be slow for us, and we expect that to be the case through at least H1 2023, as we continue to act conservatively with our capital and be more selective with acquisitions in light of increased interest rates," said CEO David Gladstone.

"We expect demand for food and crop pricing to continue to stay strong, and we believe our current portfolio is poised to benefit from continued high inflation," he added.

Conf call on February 22, at 8.30 am ET.

Earlier, the first closing for Gladstone's ( LAND ) continuous offering of 5% series E cumulative redeemable preferred stock was on January 19 .

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