Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the
“Company”) today reported financial results for the second quarter
ended June 30, 2018.
A reconciliation of funds from operations (“FFO”), core FFO
(“CFFO”), and adjusted FFO (“AFFO”), all non-GAAP (generally
accepted accounting principles in the United States) financial
measures, to net loss, which the Company believes is the most
directly-comparable GAAP measure for each, and a computation of
fully-diluted net loss, FFO, CFFO, and AFFO per weighted-average
share is set forth in the Quarterly Summary Information tables
below, and a description of each of FFO, CFFO, and AFFO is located
at the end of this press release. In addition, a description
of net asset value (“NAV”), a non-GAAP financial measure, and a
reconciliation to total equity, which the Company believes is its
most directly-comparable GAAP measure, is also located at the end
of this press release. All per-share references are to
fully-diluted, weighted-average shares of common stock of the
Company unless otherwise noted. For further detail, please
refer to the Company’s Quarterly Report on Form 10-Q (the “Form
10-Q”), filed today with the U.S. Securities and Exchange
Commission (the “SEC”), which is available on the SEC’s website at
www.SEC.gov and the investor relations section of the
Company’s website at www.GladstoneLand.com.
Comments from David Gladstone, President and CEO of
Gladstone Land: “This was a challenging quarter for
us, as the operations we conducted through our taxable REIT
subsidiary fell short of our initial expectations, largely due to
weather and market conditions towards the end of the season that
were beyond our control. However, the good news is that the
farm is now leased out to a strong, third-party operator for the
next 10 years. While the second quarter was quiet on the
acquisition front, the third quarter has started well for us, as we
were able sell a farm in Oregon and quickly reinvest those proceeds
into a larger and higher-yielding acquisition in Florida through a
like-kind exchange. Further, the price we received on the
sale of the Oregon farm represented a 22% premium over its most
recent valuation, which we believe underscores our overall
investment thesis of acquiring high-value farmland that appreciates
over time. Our backlog of farms to buy is extremely healthy
right now, so after a slow start to the year, we expect to be very
active throughout the second half of the year. We are also
hoping to receive a sizable amount of additional rental income from
certain of our participating leases during the fourth quarter of
2018; however, we will not know the exact amounts until later in
the year.”
Please note that the limited information that follows in this
press release is a summary and is not adequate for making an
informed investment judgment.
Quarterly Summary
Information(Dollars in thousands, except per-share
amounts)
|
For and As of the Quarters Ended |
|
Change |
|
Change |
|
6/30/2018 |
|
3/31/2018 |
|
($ / #) |
|
(%) |
Operating Data: |
|
|
|
|
|
|
|
Total operating revenues |
$ |
11,394 |
|
|
$ |
9,245 |
|
|
$ |
2,149 |
|
|
23.2 |
% |
Total operating expenses, net of credits |
(8,922 |
) |
|
(6,459 |
) |
|
(2,463 |
) |
|
38.1 |
% |
Other expenses, net |
(4,324 |
) |
|
(3,104 |
) |
|
(1,220 |
) |
|
39.3 |
% |
Net loss |
$ |
(1,852 |
) |
|
$ |
(318 |
) |
|
$ |
(1,534 |
) |
|
482.4 |
% |
Plus: Real estate and intangible depreciation and
amortization |
2,242 |
|
|
2,189 |
|
|
53 |
|
|
2.4 |
% |
FFO |
390 |
|
|
1,871 |
|
|
(1,481 |
) |
|
(79.2 |
)% |
Less: Dividends declared on Series B Preferred Stock |
(3 |
) |
|
— |
|
|
(3 |
) |
|
N/A |
|
FFO available to common stockholders and OP
Unitholders |
387 |
|
|
1,871 |
|
|
(1,484 |
) |
|
(79.3 |
)% |
Plus: Acquisition-related expenses |
— |
|
|
135 |
|
|
(135 |
) |
|
(100.0 |
)% |
Plus: Acquisition- and disposition-related accounting
fees |
— |
|
|
22 |
|
|
(22 |
) |
|
(100.0 |
)% |
Plus: Other charges(1) |
1,348 |
|
|
42 |
|
|
1,306 |
|
|
3,109.5 |
% |
CFFO available to common stockholders and OP
Unitholders |
1,735 |
|
|
2,070 |
|
|
(335 |
) |
|
(16.2 |
)% |
Net rent adjustment(2) |
(163 |
) |
|
(252 |
) |
|
89 |
|
|
(35.3 |
)% |
Plus: Amortization of deferred financing costs |
146 |
|
|
143 |
|
|
3 |
|
|
2.1 |
% |
AFFO available to common stockholders and OP
Unitholders |
$ |
1,718 |
|
|
$ |
1,961 |
|
|
$ |
(243 |
) |
|
(12.4 |
)% |
|
|
|
|
|
|
|
|
Share and Per-Share Data: |
|
|
|
|
|
|
|
Weighted-average common shares outstanding – basic and diluted |
15,506,512 |
|
|
13,957,732 |
|
|
1,548,780 |
|
|
11.1 |
% |
Weighted-average OP Units outstanding(3) |
913,551 |
|
|
977,271 |
|
|
(63,720 |
) |
|
(6.5 |
)% |
Weighted-average total shares outstanding |
16,420,063 |
|
|
14,935,003 |
|
|
1,485,060 |
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
Diluted net loss per weighted-average total share |
$ |
(0.113 |
) |
|
$ |
(0.021 |
) |
|
$ |
(0.092 |
) |
|
430.6 |
% |
Diluted FFO per weighted-average total share |
$ |
0.024 |
|
|
$ |
0.125 |
|
|
$ |
(0.102 |
) |
|
(81.2 |
)% |
Diluted CFFO per weighted-average total share |
$ |
0.106 |
|
|
$ |
0.139 |
|
|
$ |
(0.033 |
) |
|
(23.8 |
)% |
Diluted AFFO per weighted-average total share |
$ |
0.105 |
|
|
$ |
0.131 |
|
|
$ |
(0.027 |
) |
|
(20.3 |
)% |
Cash distributions declared per total share |
$ |
0.133 |
|
|
$ |
0.133 |
|
|
$ |
0.000 |
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
Balance Sheet Data: |
|
|
|
|
|
|
|
Net investments in real estate, at cost(4) |
$ |
465,282 |
|
|
$ |
461,186 |
|
|
$ |
4,096 |
|
|
0.9 |
% |
Total assets |
$ |
475,211 |
|
|
$ |
472,916 |
|
|
$ |
2,295 |
|
|
0.5 |
% |
Total indebtedness(5) |
$ |
324,194 |
|
|
$ |
323,780 |
|
|
$ |
414 |
|
|
0.1 |
% |
Total equity |
$ |
135,151 |
|
|
$ |
131,968 |
|
|
$ |
3,183 |
|
|
2.4 |
% |
Total common shares + OP Units outstanding(3) |
16,741,295 |
|
|
16,186,804 |
|
|
554,491 |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
|
|
Cash flows from operations |
$ |
1,731 |
|
|
$ |
2,750 |
|
|
$ |
(1,019 |
) |
|
(37.1 |
)% |
Farms owned |
75 |
|
|
75 |
|
|
— |
|
|
— |
% |
Acres owned |
63,325 |
|
|
63,351 |
|
|
(26 |
) |
|
— |
% |
Occupancy rate(6) |
99.8 |
% |
|
99.7 |
% |
|
0.1 |
% |
|
0.1 |
% |
Farmland portfolio value |
$ |
543,444 |
|
|
$ |
537,378 |
|
|
$ |
6,066 |
|
|
1.1 |
% |
NAV per share |
$ |
13.51 |
|
|
$ |
13.57 |
|
|
$ |
(0.06 |
) |
|
(0.4 |
)% |
(1) For the three
months ended June 30, 2018, consists of the net incremental
impact of the farming operations conducted through Land Advisers
(as defined below) (the “Incremental TRS Operations”), which was a
net loss of approximately $1.4 million, as well as approximately
$13,000 of non-recurring credits. For the three months ended
March 31, 2018, consists of: (i) the Incremental TRS
Operations, which was a net profit of approximately $121,000; (ii)
a property and casualty loss of approximately $129,000; and (iii)
approximately $34,000 of additional repairs incurred as a result of
damage caused to one of our properties from a lightning
strike.(2) This
adjustment removes the effects of straight-lining rental income, as
well as the amortization related to above-market lease values and
accretion related to below-market lease values, deferred revenue
and tenant improvements, resulting in rental income reflected on a
modified accrual cash basis. The effect to AFFO is that cash
rents received pertaining to a lease year are normalized over that
respective lease year on a straight-line basis, resulting in cash
rent being recognized ratably over the period in which the cash
rent is earned.(3) There
were 717,423 and 970,605 OP Units (as defined below) held by
non-controlling limited partners as of June 30, 2018, and
March 31, 2018,
respectively.(4) Consists
of the initial acquisition price (including the costs allocated to
both tangible and intangible assets acquired and liabilities
assumed), plus subsequent improvements and other capitalized costs
associated with the properties, and adjusted for accumulated
depreciation and
amortization.(5) Consists
of the principal balances outstanding of all indebtedness,
including our lines of credit, mortgage notes and bonds payable,
and our Series A Term Preferred
Stock.(6) Based on total
acreage. Includes one farm that, until July 31, 2018, was
leased (on a temporary basis) to Land Advisers (as defined
below).
Highlights for the
quarter:
- Leasing Activity:
Executed a 10-year lease agreement with a new, unrelated
third-party tenant on our 169-acre farm located in Ventura County,
California, that, from October 17, 2017, through July 31, 2018, was
leased to Gladstone Land Advisers, Inc. (“Land Advisers”), our
taxable REIT subsidiary (“TRS”). The new lease commenced on
August 1, 2018, and provides for annualized straight-line rents of
approximately $667,000. Compared to the previous lease that
was assigned to Land Advisers, the new lease, which is triple-net,
is expected to result in an increase of approximately $20,000 in
annual net operating income, or 3.0%, over that of the prior
lease.
- Financing Activity:
Obtained approximately $1.5 million of new, long-term borrowings
from an existing lender at an expected effective interest rate of
4.24%, which is fixed for 5 years.
- Equity Activity:
- Series B Preferred Stock: Completed the
sale of 20,280 shares of our 6.00% Series B Cumulative Redeemable
Preferred Stock (the “Series B Preferred Stock”) for net proceeds
of approximately $456,000.
- Common Stock:
- Overnight Offering—Over-allotment
Option: In connection with an overnight offering of
common stock completed in March 2018, the underwriters exercised
the over-allotment option in April 2018, resulting in the issuance
of an additional 165,000 shares of common stock for net proceeds of
approximately $1.9 million.
- ATM Program: Issued and sold 399,106
shares of common stock under our ATM Program for net proceeds of
approximately $5.0 million.
- Increased and Paid Distributions:
Increased our monthly distribution run rate by 0.11% and paid total
cash distributions of 0.1329 per share of common stock (including
outstanding common units of limited partnership interests in
Gladstone Land Limited Partnership (“OP Units”) that are held
outside of the Company) for each of April, May, and June 2018.
Q2 2018 Results: Net loss for the quarter
was approximately $1.9 million, or $0.11 per share, compared to
approximately $318,000, or $0.02 per share, in the prior
quarter. AFFO for the quarter was approximately $1.7 million,
or $0.10 per share, a decrease of approximately $243,000, or 12.4%,
from the prior quarter. The decrease in AFFO was driven by
approximately $314,000 of interest patronage (or refunded interest)
from Farm Credit (as defined in our Form 10-Q) that we recorded in
the prior quarter related to interest previously paid to them on
outstanding loans. Partially offsetting this decrease was:
(i) an increase of approximately $32,000 in cash rents recognized
during the current quarter; (ii) a decrease of approximately
$21,000 in operating expenses, primarily driven by lower
property-operating expenses; and (iii) a decrease of approximately
$20,000 in interest expense due to lower overall borrowings
outstanding during the current quarter. AFFO per share
decreased by 20.3% from the prior quarter due to the reasons
discussed above, coupled with a 9.9% increase in the
weighted-average total common shares (consisting of both common
stock and OP Units) outstanding during the current quarter as a
result of additional shares of common stock issued in connection
with the overnight offering completed in March 2018 and the ATM
Program. We concluded the farming operations through Land
Advisers, with the results coming in significantly below our
initial expectations. The end result was an operating loss of
approximately $180,000, and, due to certain market conditions
(primarily the existence of bumper crops in all of the
strawberry-growing regions within California, causing freezers to
reach capacity earlier in the season than normal), we also had to
write off approximately $1.1 million of crop inventory as a loss
during the quarter due to not being able to sell the crops.
Effective August 1, 2018, the farm was leased out to an unrelated
third-party tenant for the next 10 years. Cash flows from
operations for the current quarter were lower primarily due to the
timing of when certain rental payments are scheduled to be paid
pursuant to their respective leases, coupled with the additional
costs paid in connection with the unsold crops on the farm operated
by Land Advisers, for which no corresponding revenues were
received. Our NAV per share decreased by $0.06 from the prior
quarter to $13.51 at June 30, 2018, primarily driven by
ongoing capital improvements made on certain of our farms (which
won't be reflected in the properties' fair values until the
respective projects are completed), largely offset by the net
appreciation in value of our farmland holdings.
Subsequent to June 30,
2018:
- Portfolio Activity—Section 1031 Like-Kind
Exchange: Sold a 1,895-acre farm in Morrow County,
Oregon (the “Oregon Farm”), to the existing tenant for $20.5
million, the proceeds of which were used to acquire 5 farms
totaling 5,630 acres in Collier and Hendry Counties, Florida (the
“Florida Farms”), for approximately $37.4 million. We
achieved a 20% internal rate of return on our initial equity
investment in the Oregon Farm, which had a net book value of
approximately $13.8 million at the time of the sale and was
previously valued (for NAV purposes) at approximately $16.8
million. In addition, the seven-year lease that we executed
upon the acquisition of the Florida Farms will provide us with
annual straight-line rents of approximately $2.1 million, or
approximately $1.4 million more than that of the Oregon Farm.
- Financing Activity: Secured an aggregate
of approximately $32.8 million of new, long-term borrowings from
three existing lenders at an expected weighted-average effective
interest rate of 4.18%. On a weighted-average basis, these
rates are fixed for the next seven years.
- Equity Activity—Series B Preferred
Stock: Completed the sale of 89,419 shares of the
Series B Preferred Stock for net proceeds of approximately $2.0
million.
- Increased Distributions: Increased our
distribution run rate by 0.11%, declaring monthly cash
distributions of $0.04435 per share of common stock (including OP
Units held outside of the Company) for each of July, August, and
September 2018. This marks our 11th distribution increase
over the past 43 months, during which time we’ve increased the
distribution run rate by a total of 47.8%.
Conference Call for
Stockholders: The Company will hold a conference
call on Thursday, August 9, 2018, at 8:30 a.m. EDT to discuss
its earnings results. Please call (855) 363-1762 to enter the
conference. An operator will monitor the call and set a queue
for any questions. A conference call replay will be available
beginning one hour after the call and will be accessible through
August 16, 2018. To hear the replay, please dial (855)
859-2056, and use playback conference number 8374898. The
live audio broadcast of the Company’s conference call will also be
available online at the Company’s website,
www.GladstoneFarms.com. The event will be archived and
available for replay on the Company’s website through October 9,
2018.
About Gladstone Land Corporation:Gladstone Land
is a publicly-traded real estate investment trust that invests in
farmland and farm-related properties located in major agricultural
markets in the U.S., which it leases to unrelated third-party
farmers. The Company reports the current fair value of its
farmland on a quarterly basis; as of June 30, 2018, the
estimated net asset value of the Company was $13.51 per
share. Gladstone Land currently owns 79 farms, comprised of
67,060 acres in 9 different states across the U.S., valued at
approximately $560 million. Its acreage is predominantly
concentrated in locations where its tenants are able to grow fresh
produce annual row crops (e.g., berries and vegetables), which are
generally planted and harvested annually, as well as permanent
crops (e.g., almonds, blueberries, and pistachios), which are
generally planted every 10 to 20-plus years. The Company may
also acquire property related to farming, such as cooling
facilities, processing buildings, packaging facilities, and
distribution centers. Gladstone Land pays monthly
distributions to its stockholders and has paid 66 consecutive
monthly cash distributions on its common stock since its initial
public offering in January 2013. The current per-share
distribution rate on its common stock is $0.04435 per month, or
$0.5322 per year. Additional information can be found at
www.GladstoneFarms.com.
Owners or brokers who have farmland for sale in the U.S. should
contact:
- Eastern U.S. – Bill Frisbie at (703) 287-5839 or
Bill.F@GladstoneLand.com;
- Midwest U.S. – Bill Hughes at (618) 606-2887 or
Bill.H@GladstoneLand.com; or
- Western U.S. – Bill Reiman at (805) 263-4778 or
Bill.R@GladstoneLand.com, or Tony Marci at (831) 225-0883 or
Tony.M@GladstoneLand.com.
Lenders who are interested in providing us with long-term
financing on farmland should contact Jay Beckhorn at (703) 587-5823
or Jay.Beckhorn@GladstoneCompanies.com.
For stockholder information on Gladstone Land, call (703)
287-5893. For Investor Relations inquiries related to any of
the monthly dividend-paying Gladstone funds, please visit
www.Gladstone.com.
Non-GAAP Financial Measures:
FFO: The National
Association of Real Estate Investment Trusts (“NAREIT”) developed
FFO as a relative non-GAAP supplemental measure of operating
performance of an equity REIT in order to recognize that
income-producing real estate historically has not depreciated on
the basis determined under GAAP. FFO, as defined by NAREIT,
is net income (computed in accordance with GAAP), excluding gains
(or losses) from sales of property and impairment losses on
property, plus depreciation and amortization of real estate assets,
and after adjustments for unconsolidated partnerships and joint
ventures. The Company believes that FFO per share provides
investors with an additional context for evaluating its financial
performance and as a supplemental measure to compare it to other
REITs; however, comparisons of its FFO to the FFO of other REITs
may not necessarily be meaningful due to potential differences in
the application of the NAREIT definition used by such other
REITs.
CFFO: CFFO is FFO,
adjusted for items that are not indicative of the results provided
by the Company’s operating portfolio and affect the comparability
of the Company’s period-over-period performance. These items
include certain non-recurring items, such as acquisition- and
disposition-related expenses, the net incremental impact of
operations conducted through our taxable REIT subsidiary, income
tax provisions, and property and casualty losses or
recoveries. Although the Company’s calculation of CFFO
differs from NAREIT’s definition of FFO and may not be comparable
to that of other REITs, the Company believes it is a meaningful
supplemental measure of its sustainable operating
performance. Accordingly, CFFO should be considered a
supplement to net income computed in accordance with GAAP as a
measure of our performance. For a full explanation of the
adjustments made to arrive at CFFO, please read the Company’s Form
10-Q, filed today with the SEC.
AFFO: AFFO is CFFO,
adjusted for certain non-cash items, such as the straight-lining of
rents and amortizations into rental income (resulting in cash rent
being recognized ratably over the period in which the cash rent is
earned). Although the Company’s calculation of AFFO differs
from NAREIT’s definition of FFO and may not be comparable to that
of other REITs, the Company believes it is a meaningful
supplemental measure of its sustainable operating performance on a
cash basis. Accordingly, AFFO should be considered a
supplement to net income computed in accordance with GAAP as a
measure of our performance. For a full explanation of the
adjustments made to arrive at AFFO, please read the Company’s Form
10-Q, filed today with the SEC.
The Company’s presentation of FFO, as defined by NAREIT, or CFFO
or AFFO, as defined above, does not represent cash flows from
operating activities determined in accordance with GAAP and should
not be considered an alternative to net income as an indication of
its performance or to cash flow from operations as a measure of
liquidity or ability to make distributions.
NAV: Pursuant to a valuation policy
approved by our board of directors, our valuation team, with
oversight from the chief valuation officer, provides
recommendations of value for our properties to our board of
directors, who then review and approve the fair values of our
properties. Per our valuation policy, our valuations are
derived based on either the purchase price of the property; values
as determined by an independent, third-party appraiser; or through
an internal valuation process, which process is, in turn, based on
values as determined by independent, third-party appraisers.
In any case, we intend to have each property valued by an
independent, third-party appraiser at least once every three years,
or more frequently in some instances. Various methodologies
are used, both by the appraisers and in our internal valuations, to
determine the fair value of our real estate on a fee simple, “As
Is” basis, including the sales comparison, income capitalization
(or a discounted cash flow analysis), and cost approaches of
valuation. NAV is a non-GAAP, supplemental measure of
financial position of an equity REIT and is calculated as total
equity, adjusted for the increase or decrease in fair value of our
real estate assets and encumbrances relative to their respective
costs bases. Further, we calculate NAV per share by dividing
NAV by our total shares outstanding (inclusive of both our common
stock and OP Units held outside of the Company). A
reconciliation of NAV to total equity, to which the Company
believes is the most directly-comparable GAAP measure, is provided
below (dollars in thousands, except per-share amount):
Total equity
per balance sheet |
|
|
$ |
135,151 |
|
Fair value adjustment
for long-term assets: |
|
|
|
Less: net cost basis of tangible and intangible real estate
holdings(1) |
$ |
(465,282 |
) |
|
|
Plus: estimated fair value of real estate holdings(2) |
543,444 |
|
|
|
Net fair
value adjustment for real estate holdings |
|
|
78,162 |
|
Fair value adjustment
for long-term liabilities: |
|
|
|
Plus: book value of aggregate long-term indebtedness(3) |
320,694 |
|
|
|
Less: fair value of aggregate long-term
indebtedness(3)(4) |
(307,358 |
) |
|
|
Net fair
value adjustment for long-term indebtedness |
|
|
13,335 |
|
Estimated
NAV |
|
|
226,649 |
|
Less: fair value of Series B Preferred Stock(5) |
|
|
(507 |
) |
Estimated NAV
available to common stockholders and OP Unitholders |
|
|
$ |
226,142 |
|
Total
common shares and OP Units outstanding(6) |
|
|
16,741,295 |
|
Estimated NAV
per common share and OP Unit |
|
|
$ |
13.51 |
|
(1) Consists of the initial
acquisition price (including the costs allocated to both tangible
and intangible assets acquired and liabilities assumed), plus
subsequent improvements and other capitalized costs associated with
the properties, and adjusted for accumulated depreciation and
amortization.(2) As determined
by the Company's valuation policy and approved by its board of
directors.(3) Includes the
principal balances outstanding of all long-term borrowings
(consisting of mortgage notes and bonds payable) and the Series A
Term Preferred Stock.(4)
Long-term mortgage notes and bonds payable were valued using a
discounted cash flow model. The Series A Term Preferred Stock
was valued based on its closing stock price as of June 30,
2018.(5) Valued at the
security's liquidation
value.(6) Includes 16,023,872
shares of common stock and 717,423 OP Units held by non-controlling
limited partners.
Comparison of estimated NAV and estimated NAV per share to
similarly-titled measures for other REITs may not necessarily be
meaningful due to possible differences in the calculation or
application of the definition of NAV used by such REITs. In
addition, the trading price of our common shares may differ
significantly from our most recent estimated NAV per share
calculation. The Company’s independent auditors have neither
audited nor reviewed our calculation of NAV or NAV per share.
For a full explanation of our valuation policy, please read the
Company’s Form 10-Q, filed today with the SEC.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:Certain statements
in this press release, including, but not limited to, the Company’s
ability to maintain or grow its portfolio and FFO, expected
increases in capitalization rates, benefits from increases in
farmland values, increases in operating revenues, and the increase
in net asset value per share, are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements inherently involve
certain risks and uncertainties, although they are based on the
Company’s current plans that are believed to be reasonable as of
the date of this press release. Factors that may cause actual
results to differ materially from these forward-looking statements
include, but are not limited to, the Company’s ability to procure
financing for investments, downturns in the current economic
environment, the performance of its tenants, the impact of
competition on its efforts to renew existing leases or re-lease
real property, and significant changes in interest rates.
Additional factors that could cause actual results to differ
materially from those stated or implied by its forward-looking
statements are disclosed under the caption “Risk Factors” within
the Company's Form 10-K for the fiscal year ended December 31,
2017, as filed with the SEC on February 20, 2018, and its Form 10-Q
for the three months ended June 30, 2018, as filed with the
SEC on August 8, 2018, and certain other documents filed with
the SEC from time to time. The Company cautions readers not
to place undue reliance on any such forward-looking statements,
which speak only as of the date made. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as required by law.
Gladstone Land Corporation, +1-703-287-5893
Gladstone Land (NASDAQ:LAND)
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Gladstone Land (NASDAQ:LAND)
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