Gladstone Land Corporation (LAND) 10-Year Financial Performance & Capital Metrics

LAND • • REIT / Real Estate

Real EstateIndustrial REITsSpecialized Industrial REITsAgricultural & Farmland REITs

AboutFounded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 127 farms, comprised of approximately 94,000 acres in 13 different states, valued at approximately $1.0 billion. Gladstone Land's farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The Company also owns farms growing permanent crops, such as almonds, apples, figs, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 10 to 20-plus years and harvested annually. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. The Company pays monthly distributions to its stockholders and has paid 93 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 20 times over the prior 23 quarters, and the current per-share distribution on its common stock is $0.0449 per month, or $0.5388 per year.Show more

Revenue $85M -5.7%
FFO $48M -6.6%
FFO/Share 1.35 -7.1%
FFO Payout 41.52% +8.7%
FFO per Share 1.35 -7.1%
NOI Margin 93.74% -1.7%
FFO Margin 56.8% -0.9%
ROE 1.89% -5.9%
ROA 0.98% -3.9%
Debt/Assets 40.2% -2.9%
Net Debt/EBITDA 7.66 -2.5%
Book Value/Share 19.14 -5.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 50.2%
✓Sustainable FFO payout ratio of 41.5%
✓High NOI margin of 93.7%
✓Healthy dividend yield of 5.6%
✓Trading at only 0.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.5%
✗FFO declining 13.8% TTM
✗Dividend payout exceeds 100% of earnings

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y28.06%

5Y15.93%

3Y4.2%

TTM-23.25%

Profit (Net Income) CAGR

10Y-

5Y50.16%

3Y56.08%

TTM-32.34%

EPS CAGR

10Y-

5Y-

3Y-

TTM-50%

ROCE

10Y Avg2.62%

5Y Avg2.58%

3Y Avg2.42%

Latest2.36%

Peer Comparison

Agricultural & Farmland REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LANDGladstone Land Corporation	372.3M	9.99	-34.45	-5.73%	14.5%	1.49%	6.54%	0.77

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	11.9M	17.32M	25.12M	36.69M	40.69M	57.03M	75.32M	89.24M	90.4M	85.22M
Revenue Growth %	0.66%	0.45%	0.45%	0.46%	0.11%	0.4%	0.32%	0.18%	0.01%	-0.06%
Property Operating Expenses	729.04K	669.95K	1.17M	2.04M	2.47M	1.85M	2.54M	2.82M	4.2M	5.33M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	6.14M	9.34M	12.45M	22.53M	18.91M	27.53M	41.08M	51.64M	52.71M	48.5M
G&A Expenses	3.02M	3.81M	4.53M	5.48M	5.28M	7.84M	9.99M	13.05M	13.78M	13.34M
EBITDA+	7.68M	17.32M	25.12M	37.78M	32.1M	44.35M	59.01M	70.23M	70.74M	66.49M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	3.11M	10.26M	13.75M	25.67M	12.79M	16.7M	27.3M	35.46M	37.25M	35.11M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	4.57M	7.06M	11.38M	12.11M	19.31M	27.65M	31.7M	34.77M	33.48M	31.38M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	4.16M	6.02M	9.76M	12.13M	16.33M	0	0	25.74M	23.66M	21.89M
Interest Coverage	1.10x	1.17x	1.17x	1.00x	1.18x	-	-	1.35x	1.41x	1.43x
Non-Operating Income	-160K	0	1.65M	-3.88M	1.21M	2.08M	3.31M	4.32M	-4.75M	-3.79M
Pretax Income+	568.54K	473.49K	-34K	2.77M	1.76M	4.96M	3.51M	4.72M	14.56M	13.29M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	471.31K	25.39K	0	2.78M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	568.54K	448.1K	-31K	2.63M	1.74M	4.93M	3.5M	4.71M	14.56M	13.29M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	5.54%	-0.21%	-1.07%	85.81%	-0.34%	1.83%	-0.29%	0.35%	2.09%	-0.09%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	1.29%	1.91%	0.28%	1.06%	-0.49%	0.49%	0.42%	0.3%	0.29%	-0.07%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.07	0.04	-0.00	0.17	-0.70	-0.20	-0.29	-0.43	-0.28	-0.29
EPS Growth %	4.83%	-0.43%	-1.06%	-	-5.12%	0.71%	-0.45%	-0.48%	0.35%	-0.04%
EPS (Basic)	0.07	0.04	-0.00	0.17	-0.70	-0.20	-0.29	-0.43	-0.28	-0.29
Diluted Shares Outstanding	8.64M	10.01M	12.06M	15.5M	19.6M	22.26M	30.36M	34.56M	35.73M	35.91M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	229.74M	333.99M	462.28M	565.12M	816.79M	1.07B	1.35B	1.46B	1.39B	1.31B
Asset Growth %	0.51%	0.45%	0.38%	0.22%	0.45%	0.31%	0.27%	0.08%	-0.05%	-0.05%
Real Estate & Other Assets+	3.66M	3.24M	2.83M	5.75M	798.27M	1.05B	1.33B	1.39B	1.31B	1.24B
PP&E (Net)	221.78M	326.31M	449.49M	538.95M	0	136K	34.67M	0	0	0
Investment Securities	0	-1000K	-1000K	-1000K	0	1000K	1000K	0	0	0
Total Current Assets+	2.53M	2.44M	4.47M	14.73M	13.69M	9.22M	16.71M	61.14M	72.2M	64.59M
Cash & Equivalents	2.53M	2.44M	2.94M	14.73M	13.69M	9.22M	16.71M	61.14M	18.57M	18.27M
Receivables	0	0	0	0	0	0	0	0	0	0
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1.76M	2M	5.49M	5.69M	4.83M	3.73M	4.46M	5.7M	4.78M	3.59M
Total Liabilities	151.73M	246.21M	344.33M	384.07M	537.82M	683.5M	762.48M	725.89M	667.71M	625.01M
Total Debt+	142.73M	207.35M	301M	335.89M	481.93M	624.06M	667.98M	626.5M	574.11M	527.52M
Net Debt	140.2M	204.91M	298.06M	321.16M	468.24M	614.84M	651.27M	565.36M	555.54M	509.25M
Long-Term Debt	142.63M	190.8M	291M	335.79M	481.83M	623.96M	667.88M	626.4M	573.91M	523.92M
Short-Term Borrowings	100K	1000K	1000K	100K	100K	100K	100K	100K	200K	1000K
Capital Lease Obligations	0	723.66K	698K	715K	0	702K	2.33M	0	0	0
Total Current Liabilities+	4.16M	20.1M	18.34M	10.2M	12.4M	11.66M	15.2M	20.74M	14.37M	24.98M
Accounts Payable	3.5M	2.8M	7.4M	9.15M	10.13M	9.08M	10.87M	16.27M	10.3M	18.4M
Deferred Revenue	100K	16.55M	10M	100K	0	0	0	0	0	0
Other Liabilities	9M	35.31M	34.99M	38.18M	43.59M	47.87M	79.4M	78.75M	79.43M	76.11M
Total Equity+	78.01M	87.78M	117.95M	181.05M	278.97M	383.79M	589.07M	731.36M	719.61M	687.18M
Equity Growth %	0.3%	0.13%	0.34%	0.53%	0.54%	0.38%	0.53%	0.24%	-0.02%	-0.05%
Shareholders Equity	78.01M	76.69M	109.92M	176.25M	276.62M	383.79M	586.82M	731.36M	719.61M	687.18M
Minority Interest	0	11.09M	8.03M	4.81M	2.35M	0	2.25M	0	0	0
Common Stock	9.99K	10.03K	14K	18K	21K	26K	34K	35K	36K	36K
Additional Paid-in Capital	86.89M	90.08M	129.71M	202.05M	315.77M	440.47M	668.27M	836.67M	856.21M	854.06M
Retained Earnings	-8.9M	-13.4M	-19.8M	-25.83M	-38.78M	-55.21M	-80.47M	-114.37M	-144.01M	-174.56M
Preferred Stock	8.9M	27.66M	27.89M	1K	5K	7K	9K	16K	16K	16K
Return on Assets (ROA)	0%	0%	-0%	0.01%	0%	0.01%	0%	0%	0.01%	0.01%
Return on Equity (ROE)	0.01%	0.01%	-0%	0.02%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%
Debt / Assets	0.62%	0.62%	0.65%	0.59%	0.59%	0.58%	0.49%	0.43%	0.41%	0.4%
Debt / Equity	1.83x	2.36x	2.55x	1.86x	1.73x	1.63x	1.13x	0.86x	0.80x	0.77x
Net Debt / EBITDA	18.25x	11.83x	11.86x	8.50x	14.59x	13.86x	11.04x	8.05x	7.85x	7.66x
Book Value per Share	9.03	8.77	9.78	11.68	14.23	17.24	19.40	21.16	20.14	19.14

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.75M	8.4M	6.51M	10.41M	21.37M	25M	32.38M	43.79M	40.08M	29.55M
Operating CF Growth %	0.34%	0.77%	-0.22%	0.6%	1.05%	0.17%	0.29%	0.35%	-0.08%	-0.26%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	568.54K	473.49K	-34K	2.77M	1.76M	4.96M	3.51M	4.72M	14.56M	13.29M
Depreciation & Amortization	3.11M	5.19M	7.24M	9.38M	12.79M	16.7M	27.3M	35.46M	37.25M	35.11M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-171.03K	134.36K	417K	-3.91M	625K	2.67M	3.13M	5.37M	-2.38M	-19K
Working Capital Changes	1.24M	2.61M	-1.1M	2.17M	6.19M	673K	-1.58M	-1.76M	-9.35M	-18.83M
Cash from Investing+	-78.48M	-95.5M	-129.65M	-93.81M	-262.65M	-272.9M	-295M	-85.48M	-3.77M	63.31M
Acquisitions (Net)	-50K	-500K	0	0	-587K	-573K	-2.05M	-2.75M	0	0
Purchase of Investments	-74.45M	-85.56M	-127.83M	-71.44M	0	0	0	0	0	0
Sale of Investments	0	155.8K	682K	132K	0	0	0	0	0	0
Other Investing	-75.18M	-85.2M	-125.12M	-71.2M	-249.77M	-255.82M	-286.83M	-62.61M	9.04M	68.5M
Cash from Financing+	73.63M	87M	123.63M	95.19M	240.24M	243.43M	270.11M	86.13M	-78.88M	-93.15M
Dividends Paid	-4.06M	-4.96M	-6.37M	-8.65M	-14.11M	-21.02M	-29.17M	-36.96M	-45.09M	-44.34M
Common Dividends	-4.06M	-4.96M	-6.37M	-8.27M	-10.46M	-12.03M	-16.49M	-18.89M	-19.79M	-20.09M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K
Share Repurchases	0	0	-2.57M	-523K	0	0	0	-7.67M	0	0
Other Financing	-5.81M	-3.18M	35.77M	68.61M	-10.5M	-7.86M	-9.47M	-14.73M	-955K	-154K
Net Change in Cash+	-86.82K	-94.5K	500K	11.79M	-1.04M	-4.47M	7.49M	44.43M	-42.57M	-296K
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	2.62M	2.53M	2.44M	2.94M	14.73M	13.69M	9.22M	16.71M	61.14M	18.57M
Cash at End	2.53M	2.44M	2.94M	14.73M	13.69M	9.22M	16.71M	61.14M	18.57M	18.27M
Free Cash Flow+	1.51M	-1.39M	1.3M	-12.2M	9.08M	8.49M	26.26M	23.66M	27.28M	24.35M
FCF Growth %	0.63%	-1.93%	1.93%	-10.35%	1.74%	-0.06%	2.09%	-0.1%	0.15%	-0.11%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.43	1.07	1.14	1.83	0.74	0.97	1.01	1.16	1.45	1.35
FFO Payout Ratio	110.24%	46.27%	46.44%	29.24%	71.98%	55.64%	53.54%	47.04%	38.19%	41.52%
NOI Margin	93.87%	96.13%	95.36%	94.43%	93.92%	96.76%	96.63%	96.84%	95.35%	93.74%
Net Debt / EBITDA	18.25x	11.83x	11.86x	8.50x	14.59x	13.86x	11.04x	8.05x	7.85x	7.66x
Debt / Assets	62.13%	62.08%	65.11%	59.44%	59%	58.47%	49.42%	42.99%	41.38%	40.2%
Interest Coverage	1.10x	1.17x	1.17x	1.00x	1.18x	-	-	1.35x	1.41x	1.43x
Book Value / Share	9.03	8.77	9.78	11.68	14.23	17.24	19.4	21.16	20.14	19.14
Revenue Growth	65.64%	45.5%	45.07%	46.04%	10.92%	40.15%	32.06%	18.48%	1.3%	-5.73%

Revenue by Geography

	2013	2014	2015	2016	2017	2018
CALIFORNIA	-	4.78M	7.75M	9.83M	-	13.64M
CALIFORNIA Growth	-	-	62.29%	26.75%	-	-
FLORIDA	-	759.4K	2.17M	3.29M	-	8.13M
FLORIDA Growth	-	-	185.31%	52.01%	-	-
COLORADO	-	-	-	1.45M	-	2.74M
COLORADO Growth	-	-	-	-	-	-
ARIZONA	-	299.79K	338.45K	729.23K	1.57M	2.04M
ARIZONA Growth	-	-	12.90%	115.46%	115.57%	29.83%
OREGON	-	1.08M	1.17M	1.17M	-	893K
OREGON Growth	-	-	8.20%	0.27%	-	-
WASHINGTON	-	-	-	-	-	718K
WASHINGTON Growth	-	-	-	-	-	-
NEBRASKA	-	-	211.91K	579.63K	-	580K
NEBRASKA Growth	-	-	-	173.53%	-	-
MICHIGAN	-	252.45K	247.41K	249.49K	-	370K
MICHIGAN Growth	-	-	-2.00%	0.84%	-	-
NORTH CAROLINA	-	-	-	-	-	148K
NORTH CAROLINA Growth	-	-	-	-	-	-
TEXAS	-	-	-	-	-	60K
TEXAS Growth	-	-	-	-	-	-
O R	123.14K	-	-	-	-	-
O R Growth	-	-	-	-	-	-
A Z	3.71K	-	-	-	-	-
A Z Growth	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Gladstone Land Corporation (LAND) reported $68.0M in revenue for fiscal year 2024. This represents a 2193% increase from $3.0M in 2011.

Gladstone Land Corporation (LAND) saw revenue decline by 5.7% over the past year.

Yes, Gladstone Land Corporation (LAND) is profitable, generating $9.9M in net income for fiscal year 2024 (15.6% net margin).

Dividend & Returns

Yes, Gladstone Land Corporation (LAND) pays a dividend with a yield of 5.60%. This makes it attractive for income-focused investors.

Gladstone Land Corporation (LAND) has a return on equity (ROE) of 1.9%. This is below average, suggesting room for improvement.

Industry Metrics

Gladstone Land Corporation (LAND) generated Funds From Operations (FFO) of $43.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Gladstone Land Corporation (LAND) offers a 5.60% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

US Stock Screener

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Gladstone Land Corporation (LAND) 10-Year Financial Performance & Capital Metrics

LAND • • REIT / Real Estate

Real EstateIndustrial REITsSpecialized Industrial REITsAgricultural & Farmland REITs

Revenue $85M -5.7%
FFO $48M -6.6%
FFO/Share 1.35 -7.1%
FFO Payout 41.52% +8.7%
FFO per Share 1.35 -7.1%
NOI Margin 93.74% -1.7%
FFO Margin 56.8% -0.9%
ROE 1.89% -5.9%
ROA 0.98% -3.9%
Debt/Assets 40.2% -2.9%
Net Debt/EBITDA 7.66 -2.5%
Book Value/Share 19.14 -5.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 50.2%
✓Sustainable FFO payout ratio of 41.5%
✓High NOI margin of 93.7%
✓Healthy dividend yield of 5.6%
✓Trading at only 0.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.5%
✗FFO declining 13.8% TTM
✗Dividend payout exceeds 100% of earnings

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y28.06%

5Y15.93%

3Y4.2%

TTM-23.25%

Profit (Net Income) CAGR

10Y-

5Y50.16%

3Y56.08%

TTM-32.34%

EPS CAGR

10Y-

5Y-

3Y-

TTM-50%

ROCE

10Y Avg2.62%

5Y Avg2.58%

3Y Avg2.42%

Latest2.36%

Peer Comparison

Agricultural & Farmland REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LANDGladstone Land Corporation	372.3M	9.99	-34.45	-5.73%	14.5%	1.49%	6.54%	0.77

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	11.9M	17.32M	25.12M	36.69M	40.69M	57.03M	75.32M	89.24M	90.4M	85.22M
Revenue Growth %	0.66%	0.45%	0.45%	0.46%	0.11%	0.4%	0.32%	0.18%	0.01%	-0.06%
Property Operating Expenses	729.04K	669.95K	1.17M	2.04M	2.47M	1.85M	2.54M	2.82M	4.2M	5.33M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	6.14M	9.34M	12.45M	22.53M	18.91M	27.53M	41.08M	51.64M	52.71M	48.5M
G&A Expenses	3.02M	3.81M	4.53M	5.48M	5.28M	7.84M	9.99M	13.05M	13.78M	13.34M
EBITDA+	7.68M	17.32M	25.12M	37.78M	32.1M	44.35M	59.01M	70.23M	70.74M	66.49M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	3.11M	10.26M	13.75M	25.67M	12.79M	16.7M	27.3M	35.46M	37.25M	35.11M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	4.57M	7.06M	11.38M	12.11M	19.31M	27.65M	31.7M	34.77M	33.48M	31.38M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	4.16M	6.02M	9.76M	12.13M	16.33M	0	0	25.74M	23.66M	21.89M
Interest Coverage	1.10x	1.17x	1.17x	1.00x	1.18x	-	-	1.35x	1.41x	1.43x
Non-Operating Income	-160K	0	1.65M	-3.88M	1.21M	2.08M	3.31M	4.32M	-4.75M	-3.79M
Pretax Income+	568.54K	473.49K	-34K	2.77M	1.76M	4.96M	3.51M	4.72M	14.56M	13.29M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	471.31K	25.39K	0	2.78M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	568.54K	448.1K	-31K	2.63M	1.74M	4.93M	3.5M	4.71M	14.56M	13.29M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	5.54%	-0.21%	-1.07%	85.81%	-0.34%	1.83%	-0.29%	0.35%	2.09%	-0.09%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	1.29%	1.91%	0.28%	1.06%	-0.49%	0.49%	0.42%	0.3%	0.29%	-0.07%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.07	0.04	-0.00	0.17	-0.70	-0.20	-0.29	-0.43	-0.28	-0.29
EPS Growth %	4.83%	-0.43%	-1.06%	-	-5.12%	0.71%	-0.45%	-0.48%	0.35%	-0.04%
EPS (Basic)	0.07	0.04	-0.00	0.17	-0.70	-0.20	-0.29	-0.43	-0.28	-0.29
Diluted Shares Outstanding	8.64M	10.01M	12.06M	15.5M	19.6M	22.26M	30.36M	34.56M	35.73M	35.91M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	229.74M	333.99M	462.28M	565.12M	816.79M	1.07B	1.35B	1.46B	1.39B	1.31B
Asset Growth %	0.51%	0.45%	0.38%	0.22%	0.45%	0.31%	0.27%	0.08%	-0.05%	-0.05%
Real Estate & Other Assets+	3.66M	3.24M	2.83M	5.75M	798.27M	1.05B	1.33B	1.39B	1.31B	1.24B
PP&E (Net)	221.78M	326.31M	449.49M	538.95M	0	136K	34.67M	0	0	0
Investment Securities	0	-1000K	-1000K	-1000K	0	1000K	1000K	0	0	0
Total Current Assets+	2.53M	2.44M	4.47M	14.73M	13.69M	9.22M	16.71M	61.14M	72.2M	64.59M
Cash & Equivalents	2.53M	2.44M	2.94M	14.73M	13.69M	9.22M	16.71M	61.14M	18.57M	18.27M
Receivables	0	0	0	0	0	0	0	0	0	0
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1.76M	2M	5.49M	5.69M	4.83M	3.73M	4.46M	5.7M	4.78M	3.59M
Total Liabilities	151.73M	246.21M	344.33M	384.07M	537.82M	683.5M	762.48M	725.89M	667.71M	625.01M
Total Debt+	142.73M	207.35M	301M	335.89M	481.93M	624.06M	667.98M	626.5M	574.11M	527.52M
Net Debt	140.2M	204.91M	298.06M	321.16M	468.24M	614.84M	651.27M	565.36M	555.54M	509.25M
Long-Term Debt	142.63M	190.8M	291M	335.79M	481.83M	623.96M	667.88M	626.4M	573.91M	523.92M
Short-Term Borrowings	100K	1000K	1000K	100K	100K	100K	100K	100K	200K	1000K
Capital Lease Obligations	0	723.66K	698K	715K	0	702K	2.33M	0	0	0
Total Current Liabilities+	4.16M	20.1M	18.34M	10.2M	12.4M	11.66M	15.2M	20.74M	14.37M	24.98M
Accounts Payable	3.5M	2.8M	7.4M	9.15M	10.13M	9.08M	10.87M	16.27M	10.3M	18.4M
Deferred Revenue	100K	16.55M	10M	100K	0	0	0	0	0	0
Other Liabilities	9M	35.31M	34.99M	38.18M	43.59M	47.87M	79.4M	78.75M	79.43M	76.11M
Total Equity+	78.01M	87.78M	117.95M	181.05M	278.97M	383.79M	589.07M	731.36M	719.61M	687.18M
Equity Growth %	0.3%	0.13%	0.34%	0.53%	0.54%	0.38%	0.53%	0.24%	-0.02%	-0.05%
Shareholders Equity	78.01M	76.69M	109.92M	176.25M	276.62M	383.79M	586.82M	731.36M	719.61M	687.18M
Minority Interest	0	11.09M	8.03M	4.81M	2.35M	0	2.25M	0	0	0
Common Stock	9.99K	10.03K	14K	18K	21K	26K	34K	35K	36K	36K
Additional Paid-in Capital	86.89M	90.08M	129.71M	202.05M	315.77M	440.47M	668.27M	836.67M	856.21M	854.06M
Retained Earnings	-8.9M	-13.4M	-19.8M	-25.83M	-38.78M	-55.21M	-80.47M	-114.37M	-144.01M	-174.56M
Preferred Stock	8.9M	27.66M	27.89M	1K	5K	7K	9K	16K	16K	16K
Return on Assets (ROA)	0%	0%	-0%	0.01%	0%	0.01%	0%	0%	0.01%	0.01%
Return on Equity (ROE)	0.01%	0.01%	-0%	0.02%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%
Debt / Assets	0.62%	0.62%	0.65%	0.59%	0.59%	0.58%	0.49%	0.43%	0.41%	0.4%
Debt / Equity	1.83x	2.36x	2.55x	1.86x	1.73x	1.63x	1.13x	0.86x	0.80x	0.77x
Net Debt / EBITDA	18.25x	11.83x	11.86x	8.50x	14.59x	13.86x	11.04x	8.05x	7.85x	7.66x
Book Value per Share	9.03	8.77	9.78	11.68	14.23	17.24	19.40	21.16	20.14	19.14

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.75M	8.4M	6.51M	10.41M	21.37M	25M	32.38M	43.79M	40.08M	29.55M
Operating CF Growth %	0.34%	0.77%	-0.22%	0.6%	1.05%	0.17%	0.29%	0.35%	-0.08%	-0.26%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	568.54K	473.49K	-34K	2.77M	1.76M	4.96M	3.51M	4.72M	14.56M	13.29M
Depreciation & Amortization	3.11M	5.19M	7.24M	9.38M	12.79M	16.7M	27.3M	35.46M	37.25M	35.11M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-171.03K	134.36K	417K	-3.91M	625K	2.67M	3.13M	5.37M	-2.38M	-19K
Working Capital Changes	1.24M	2.61M	-1.1M	2.17M	6.19M	673K	-1.58M	-1.76M	-9.35M	-18.83M
Cash from Investing+	-78.48M	-95.5M	-129.65M	-93.81M	-262.65M	-272.9M	-295M	-85.48M	-3.77M	63.31M
Acquisitions (Net)	-50K	-500K	0	0	-587K	-573K	-2.05M	-2.75M	0	0
Purchase of Investments	-74.45M	-85.56M	-127.83M	-71.44M	0	0	0	0	0	0
Sale of Investments	0	155.8K	682K	132K	0	0	0	0	0	0
Other Investing	-75.18M	-85.2M	-125.12M	-71.2M	-249.77M	-255.82M	-286.83M	-62.61M	9.04M	68.5M
Cash from Financing+	73.63M	87M	123.63M	95.19M	240.24M	243.43M	270.11M	86.13M	-78.88M	-93.15M
Dividends Paid	-4.06M	-4.96M	-6.37M	-8.65M	-14.11M	-21.02M	-29.17M	-36.96M	-45.09M	-44.34M
Common Dividends	-4.06M	-4.96M	-6.37M	-8.27M	-10.46M	-12.03M	-16.49M	-18.89M	-19.79M	-20.09M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K
Share Repurchases	0	0	-2.57M	-523K	0	0	0	-7.67M	0	0
Other Financing	-5.81M	-3.18M	35.77M	68.61M	-10.5M	-7.86M	-9.47M	-14.73M	-955K	-154K
Net Change in Cash+	-86.82K	-94.5K	500K	11.79M	-1.04M	-4.47M	7.49M	44.43M	-42.57M	-296K
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	2.62M	2.53M	2.44M	2.94M	14.73M	13.69M	9.22M	16.71M	61.14M	18.57M
Cash at End	2.53M	2.44M	2.94M	14.73M	13.69M	9.22M	16.71M	61.14M	18.57M	18.27M
Free Cash Flow+	1.51M	-1.39M	1.3M	-12.2M	9.08M	8.49M	26.26M	23.66M	27.28M	24.35M
FCF Growth %	0.63%	-1.93%	1.93%	-10.35%	1.74%	-0.06%	2.09%	-0.1%	0.15%	-0.11%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.43	1.07	1.14	1.83	0.74	0.97	1.01	1.16	1.45	1.35
FFO Payout Ratio	110.24%	46.27%	46.44%	29.24%	71.98%	55.64%	53.54%	47.04%	38.19%	41.52%
NOI Margin	93.87%	96.13%	95.36%	94.43%	93.92%	96.76%	96.63%	96.84%	95.35%	93.74%
Net Debt / EBITDA	18.25x	11.83x	11.86x	8.50x	14.59x	13.86x	11.04x	8.05x	7.85x	7.66x
Debt / Assets	62.13%	62.08%	65.11%	59.44%	59%	58.47%	49.42%	42.99%	41.38%	40.2%
Interest Coverage	1.10x	1.17x	1.17x	1.00x	1.18x	-	-	1.35x	1.41x	1.43x
Book Value / Share	9.03	8.77	9.78	11.68	14.23	17.24	19.4	21.16	20.14	19.14
Revenue Growth	65.64%	45.5%	45.07%	46.04%	10.92%	40.15%	32.06%	18.48%	1.3%	-5.73%

Revenue by Geography

	2013	2014	2015	2016	2017	2018
CALIFORNIA	-	4.78M	7.75M	9.83M	-	13.64M
CALIFORNIA Growth	-	-	62.29%	26.75%	-	-
FLORIDA	-	759.4K	2.17M	3.29M	-	8.13M
FLORIDA Growth	-	-	185.31%	52.01%	-	-
COLORADO	-	-	-	1.45M	-	2.74M
COLORADO Growth	-	-	-	-	-	-
ARIZONA	-	299.79K	338.45K	729.23K	1.57M	2.04M
ARIZONA Growth	-	-	12.90%	115.46%	115.57%	29.83%
OREGON	-	1.08M	1.17M	1.17M	-	893K
OREGON Growth	-	-	8.20%	0.27%	-	-
WASHINGTON	-	-	-	-	-	718K
WASHINGTON Growth	-	-	-	-	-	-
NEBRASKA	-	-	211.91K	579.63K	-	580K
NEBRASKA Growth	-	-	-	173.53%	-	-
MICHIGAN	-	252.45K	247.41K	249.49K	-	370K
MICHIGAN Growth	-	-	-2.00%	0.84%	-	-
NORTH CAROLINA	-	-	-	-	-	148K
NORTH CAROLINA Growth	-	-	-	-	-	-
TEXAS	-	-	-	-	-	60K
TEXAS Growth	-	-	-	-	-	-
O R	123.14K	-	-	-	-	-
O R Growth	-	-	-	-	-	-
A Z	3.71K	-	-	-	-	-
A Z Growth	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Gladstone Land Corporation (LAND) reported $68.0M in revenue for fiscal year 2024. This represents a 2193% increase from $3.0M in 2011.

Gladstone Land Corporation (LAND) saw revenue decline by 5.7% over the past year.

Yes, Gladstone Land Corporation (LAND) is profitable, generating $9.9M in net income for fiscal year 2024 (15.6% net margin).

Dividend & Returns

Yes, Gladstone Land Corporation (LAND) pays a dividend with a yield of 5.60%. This makes it attractive for income-focused investors.

Gladstone Land Corporation (LAND) has a return on equity (ROE) of 1.9%. This is below average, suggesting room for improvement.

Industry Metrics

Gladstone Land Corporation (LAND) generated Funds From Operations (FFO) of $43.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Gladstone Land Corporation (LAND) offers a 5.60% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.