MCLEAN, VA - Gladstone Land (NASDAQ:LAND) Corporation (NASDAQ:LAND (LON:LAND)), a real estate investment trust specializing in farmland with a market capitalization of $428 million, announced today that board member Paul W. Adelgren will resign effective December 15, 2024. The company disclosed this information in a filing with the Securities and Exchange Commission.
Adelgren's departure from the board was made known on Tuesday, and the company promptly filed the report on Wednesday. The reasons for his resignation were not detailed in the filing. Gladstone Land has not yet announced a successor or provided details on plans to fill the vacancy on the board.
Gladstone Land Corporation, headquartered in McLean, Virginia, is known for acquiring and leasing farmland across the United States. The company maintains a notable 4.66% dividend yield and has raised its dividend for 10 consecutive years.
The company's shares are traded on The Nasdaq Stock Market under the ticker LAND, along with its series of preferred stocks, which include LANDO, LANDP, and LANDM. According to InvestingPro, the stock appears undervalued based on its Fair Value analysis, with 5 additional ProTips available for subscribers.
In other recent news, Gladstone Land Corporation announced a significant reshuffle in its executive ranks with the impending retirement of its Chief Operating Officer, Terry Lee Brubaker, in December 2024. Following his departure, Michael LiCalsi, currently serving as General Counsel and Secretary, will take on additional operational responsibilities. Concurrently, the company will initiate a national search for a Chief Investment Officer to assume Brubaker's duties.
In financial news, Gladstone Land reported mixed results in its third-quarter earnings call. Despite a decrease in net income to $6,000 and a net loss to common shareholders of $5.8 million, the company remains optimistic. The company executed 21 new or amended leases, expected to increase net operating income by $309,000. However, a $20 million reduction in fixed base rents is anticipated over the next five quarters, as the company shifts to participation rents.
The company also announced plans to sell 11 blueberry farms in Michigan for approximately $5 million. Despite a decrease in Adjusted Funds From Operations (AFFO) to $4.5 million from $5.4 million in the prior quarter, Gladstone Land maintains over $160 million in liquidity. These are the recent developments for Gladstone Land Corporation as it continues to navigate the complexities of the agricultural market.
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