Group 1 - Samuel Smith has extensive experience in dividend stock research and investment, having served as lead analyst and Vice President at notable firms [1] - He is a Professional Engineer and Project Management Professional with degrees in Civil Engineering & Mathematics and a Master's in Engineering focused on applied mathematics and machine learning [1] - Samuel leads the High Yield Investor investing group, collaborating with Jussi Askola and Paul R. Drake to balance safety, growth, yield, and value [2] Group 2 - High Yield Investor provides real-money core, retirement, and international portfolios, along with regular trade alerts and educational content [2] - The service includes an active chat room for investors to engage and share insights [2]

HAKINMHAN Listen here or on the go via Apple Podcasts and Spotify High Yield Investor's Samuel Smith and Scott Kaufman from High Dividend Opportunities discuss why preferred shares (0:50) and baby bonds (3:30) are compelling for investors. Samuel's preferred share selections (7:30). Scott's picks for preferreds and baby bonds (22:20). Are there risks involved with higher yield? (31:20) This is an excerpt from our recent Dividend Investing Forum. Transcript Daniel Snyder: Hey, everyone, welcome to thi ...

Group 1 - Real estate encompasses a wide range of tangible assets, primarily focusing on land and its improvements [1] - The definition of real estate includes various forms of property, indicating its diverse nature [1] Group 2 - The article does not provide specific financial data or performance metrics related to any company or industry [2]

Group 1 - The Conservative Income Portfolio targets high-value stocks with significant margins of safety and aims to reduce investment volatility through well-priced options [1][3] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Gladstone Land (NASDAQ: LAND) is highlighted as an investment opportunity in farmland through a REIT structure, with a focus on capital preservation and income generation [2][3] Group 2 - Trapping Value is a team of analysts with over 40 years of combined experience in generating options income while emphasizing capital preservation [3] - The investing group Conservative Income Portfolio collaborates with Preferred Stock Trader to offer two income-generating portfolios and a bond ladder [3]

Core Viewpoint - Gladstone Land (LAND) has shown a recent price increase of 5.6% over the past four weeks, with a mean price target of $14.40 indicating a potential upside of 29.6% from its current price of $11.11 [1] Price Targets - The average price target consists of five estimates ranging from a low of $12.50 to a high of $16, with a standard deviation of $1.24, suggesting a variability in analyst estimates [2] - The lowest estimate indicates a 12.5% increase, while the highest suggests a 44% upside [2] - A low standard deviation indicates a higher agreement among analysts regarding the price movement direction [7] Analyst Sentiment - Analysts are optimistic about LAND's earnings prospects, as indicated by upward revisions in earnings estimates, which have historically correlated with stock price movements [4][9] - Over the last 30 days, one estimate has increased, leading to a 2.6% rise in the Zacks Consensus Estimate for the current year [10] Zacks Rank - LAND holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting a strong potential for upside [11] Conclusion on Price Targets - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a useful guide for the direction of price movement [12]

Core Insights - Landsvirkjun's operational performance in 2024 was solid despite not matching the record results of 2023 due to challenging conditions, including historically poor water levels affecting power sales and revenue [1] - The company's financial position is robust, with a strong equity ratio of 66.2% and net debt at 1.6 times EBITDA, indicating a healthy balance sheet [4] Financial Performance - The profit from core operations for Landsvirkjun was USD 301 million in the previous year [4] - The Board plans to propose a dividend of USD 180 million to the state for this year, contributing to a cumulative dividend of USD 660 million from fiscal years 2021 to 2024 [4] Project Developments - Construction has commenced on the 120 MW Búrfellslundur wind farm and the 95 MW Hvammsvirkjun hydropower projects, addressing the urgent need for additional electricity capacity [2] - Plans are in place to start construction on expansions of the Theistareykir geothermal and Sigalda hydroelectric power plants in 2025, marking the first time the company undertakes four new projects simultaneously across three different energy sources [2]

Financial Data and Key Metrics Changes - Adjusted FFO for Q4 2024 was approximately $3.4 million or $0.09 per share, down from $5.4 million or $0.15 per share in the prior year quarter [36] - Annual adjusted FFO for 2024 was approximately $16.7 million, compared to $20.3 million in 2023, with AFFO per share decreasing from $0.57 in 2023 to $0.47 in 2024 [36] - Year-over-year fixed base cash rents decreased by about $4.9 million on a quarterly basis and $9.7 million on an annual basis [37] Business Line Data and Key Metrics Changes - Participation rents recorded during Q4 were approximately $4.8 million, compared to $3.3 million in the prior year quarter, with annual participation rents increasing from $5.9 million to $9.4 million [38] - The company executed four new lease agreements and amendments, primarily in the West, with a shift towards crop share components instead of fixed rent payments [18][20] Market Data and Key Metrics Changes - The company sold 11 blueberry farms in Michigan, which had a negative impact on net operating income of about $400,000 in 2024 [15] - The sale of five farms in Florida resulted in a gain of about 40% over the purchase price, indicating a strong appreciation in farmland values in that region [16] Company Strategy and Development Direction - The company remains cautious with new investments due to high capital costs and low cap rates on most row crops and farmlands [13][52] - The strategy includes adjusting lease structures to minimize fixed costs while allowing for greater participation in crop sales [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed hope for a reduction in interest rates, which would improve acquisition opportunities [53] - The company anticipates stable to strong demand for prime farmland, particularly for crops that contribute to healthy lifestyles [55][58] Other Important Information - The net asset value per common share decreased from $15.57 at the end of Q3 to $14.91 at the end of Q4, primarily due to decreases in valuations of certain farms [45] - The company has access to over $195 million of capital, including about $50 million in cash on hand [46] Q&A Session Summary Question: Clarification on participation and fixed base rent amendments - The $3 million to $3.5 million lower fixed base rent refers to the average base rent for the year in 2024 compared to 2025 [64] Question: Expectations around interest patronage in Q1 - Expectation is for about 10% less interest patronage due to the payoff of a portion of loans [75] Question: Details on lease expirations this year - Most leases expiring in the next six months are row crop farms, with a significant portion of remaining expirations being permanent crop farms [76][78] Question: Impact of property operating expenses - The increase in property operating expenses is related to vacant and directly operated properties, with expectations for a decrease in 2025 [88] Question: NAV decision and future reporting - The company will not provide NAV calculations quarterly due to high costs, but may consider internal assessments [110][112]

分组1 - Gladstone Land reported quarterly funds from operations (FFO) of $0.09 per share, missing the Zacks Consensus Estimate of $0.11 per share, and down from $0.15 per share a year ago, representing an FFO surprise of -15.45% [1] - The company posted revenues of $21.1 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 4.18%, but down from year-ago revenues of $24.45 million [2] - Gladstone shares have increased approximately 7.7% since the beginning of the year, outperforming the S&P 500's gain of 4.2% [3] 分组2 - The future performance of Gladstone's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [4][6] - The current consensus FFO estimate for the upcoming quarter is $0.08 on revenues of $16.58 million, and for the current fiscal year, it is $0.52 on revenues of $86.19 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 34% of over 250 Zacks industries, which may impact stock performance [8]

Financial Performance - For the fiscal year 2024, net income was approximately $13.3 million, a decrease from approximately $14.6 million in the prior year[8] - The net loss to common stockholders for the year was approximately $10.5 million, or $0.29 per share, compared to approximately $9.9 million, or $0.28 per share, in the prior year[8] - AFFO for the year was approximately $16.7 million, or $0.47 per share, down from approximately $20.3 million, or $0.57 per share, in the prior year[8] - Total operating revenues decreased by 13.7% to $21,096 million compared to $24,452 million in the previous year[14] - Net income fell by 70.4% to $539 million from $1,819 million year-over-year[14] - Funds from operations (FFO) available to common stockholders decreased by 36.1% to $3,955 million from $6,185 million[14] - Cash flows from operations dropped by 33.5% to $11,582 million compared to $17,424 million in the prior year[14] - Diluted AFFO per weighted-average common share decreased by 38.3% to $0.093 from $0.151[14] Asset and Valuation Changes - The estimated NAV per share decreased by $4.15 to $14.91 at December 31, 2024, primarily due to valuation decreases in certain farms[7] - Total assets decreased by 5.4% to $1,312,195 million from $1,387,324 million[17] - The net asset value (NAV) per common share decreased by 21.8% to $14.91 from $19.06[17] - The farmland portfolio value decreased by 10.3% to $1,405,350 million from $1,566,474 million[17] - The estimated NAV available to common stockholders and non-controlling OP Unitholders is $539.354 million, with an estimated NAV per share of $14.91[29] Revenue and Lease Agreements - Total cash lease revenues decreased, with fixed base cash rents down by approximately $4.9 million, while participation rents increased by approximately $1.5 million[5] - The company executed 31 amended or new lease agreements, resulting in an aggregate increase in annual net operating income of approximately $556,000, or 14.4%, for row crop farms[3] Sales and Acquisitions - The company sold 12 farms for gross proceeds of approximately $70.6 million, resulting in a total net gain of approximately $10.0 million[3] - Loan repayments totaled approximately $33.6 million, primarily for maturing loans[3] - The company plans to acquire more water assets, securing an additional 8,987 net acre-feet at a total cash cost of approximately $2.1 million[3] - The company has a commitment to acquiring properties related to farming, including processing and distribution facilities[20] Operational Metrics - The occupancy rate declined to 96.2% from 99.5% year-over-year[17] - The company owns over 55,000 acre-feet of water assets in California, which are integral to its farming operations[20] - Over 30% of the company's fresh produce acreage is either organic or in transition to become organic, and nearly 20% of its permanent crop acreage falls into this category[20] Dividends and Distributions - The current monthly distribution per share on common stock is $0.0467, equating to an annual distribution of $0.5604, with 144 consecutive monthly cash distributions since January 2013[20] - The company has paid dividends on its cumulative redeemable preferred stock and recognized net gains or losses from redemptions[22] Future Outlook - Forward-looking statements indicate expectations for increases in farmland values and operating revenues, but these are subject to risks and uncertainties[31] - The company will no longer voluntarily publish NAV per common share after December 31, 2024, due to a review of costs and benefits[30] Interest and Financing - The company recorded approximately $1.9 million of interest patronage, resulting in a 22.0% reduction to the interest rate of borrowings[3] - Total indebtedness reduced by 7.4% to $590,284 million from $637,414 million[17]

Table of Content UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number: 001-35795 GLADSTONE LAND CORPORATION (Exact name of registrant as specified in its char ...