Gladstone Land gains after lease renewal

|About: Gladstone Land (LAND)|By:, SA News Editor

The struggling stock price of Gladstone Land (LAND +1.9%) gets a boost after the company inks its third lease renewal in nine months, with all three coming in with increasing rates. The average increase in annual straight-line rental income is 21%, which translates into a boost in dollar rental income of about $470K per year.

The  renewal terms range from six to nine years.

CEO David Gladstone: "The increases in rents and the value of the farmland are the central thesis of our investment strategy."