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LANDO - Gladstone Land: The Growth Saga Continues But Stock Looks Overpriced
Gladstone Land Corporation 6.00% Series B Cumulative Redeemable Preferred Stock
Gladstone Land showed improvement in every single measure of financial performance compared to the third quarter.
This was mostly due to new farms that the trust continues to acquire but rent increases also played a role.
The trust's rate of acquisitions slowed in the first quarter but this is fairly typical and we should expect the growth trajectory to resume as the year progresses.
The trust increased its monthly distribution yet again and it appears to be generating sufficient cash to afford the increase.
The stock is trading at an enormous premium to NAV and appears to have gotten ahead of itself.