Gladstone Land Corporation (NASDAQ: LAND) (“Gladstone Land”
or the “Company”) reaffirms its NAV methodology in response to a
recent research report written by an analyst who has been covering
Gladstone Land since its initial public offering in 2013.
In his report, the analyst estimated Gladstone Land’s forward
twelve months NAV per share based upon a model typically applied by
analysts to traditional commercial, office, or industrial REITs. We
believe this model, which is used to estimate NAV for commercial
REITs, cannot capture the value of farmland acreage filled with
live plants that continue to grow for many years.
Gladstone Land is a REIT, but unlike traditional commercial,
office, or industrial REITs, the Company invests in a markedly
different asset class – farmland. Therefore, we believe that the
best method of calculating NAV is the methodology that the Company
is currently using, one that employs the expertise of independent
professional certified farm industry appraisers who conduct
periodic appraisals of our properties. Although this process
results in additional expense that most REITs do not wish to incur,
we believe this is the most accurate way to present to shareholders
the fair value of the farmland properties within the Company’s
portfolio. Gladstone Land publishes such valuations in its
quarterly (Forms 10-Q) and annual reports (Forms 10-K) that it
files with the U.S. Securities & Exchange Commission (the
“SEC”).
The Company notes that in its most recently filed quarterly
report on Form 10-Q, it estimated its NAV per share at September
30, 2018 to be $13.79. For a full explanation of the Company’s NAV
calculation methodology, please see Non-GAAP Financial Information;
Net Asset Value, as appears in the Company’s most recently filed
Form 10-Q, filed with the SEC on November 8, 2018.
In that same report, the analyst also estimated the Company’s
2018, 2019, and 2020 common stock dividends to be $0.53, $0.53, and
$0.54 per share, respectively. The Company makes no certification
of the projections except to note that for 2018, it paid aggregate
dividends per share of $0.5319, and that its recently declared
dividends for January, February and March 2019 implies a new
run-rate on its dividends of $0.5334 per share for 2019.
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
third-party farmers. The Company reports the current fair
value of its farmland on a quarterly basis; as of September 30,
2018, the estimated net asset value of the Company was $13.79 per
share. Gladstone Land currently owns 85 farms, comprised of 73,205
acres in 10 different states across the U.S., valued at
approximately $618 million. Its acreage is predominantly
concentrated in locations where its tenants are able to grow fresh
produce annual row crops, such as berries and vegetables, which are
generally planted and harvested annually; as well as permanent
crops, such as almonds, blueberries, and pistachios, which are
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 71 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 $0.04445
per month, or $0.5334 per year. Additional information can be found
at www.GladstoneLand.com and 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
- 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.
All statements contained in this press release, other than
historical facts, may constitute "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. Words such as "anticipates," "expects," "intends,"
"plans," "believes," "seeks," "estimates" and variations of the
foregoing words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Company's business, financial condition, liquidity,
results of operations, funds from operations or prospects to differ
materially from those expressed in or implied by such statements.
Such risks and uncertainties are disclosed under the caption "Risk
Factors" of the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2017 (the “Form 10-K”), as filed with the
SEC on February 20, 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.
For a definition of net asset value and a reconciliation to the
most directly-comparable GAAP measure, please see the Company’s
most recently filed Form 10-K, filed on February 20, 2018, and most
recently filed Form 10-Q, filed on November 8, 2018.
SOURCE: Gladstone Land Corporation
For further information: Gladstone Land, 703-287-5893
Gladstone Land (NASDAQ:LAND)
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