AFFO of negative $807K in 2026Q2 failed to cover the $11.9M dividend, indicating a severe distribution coverage shortfall and reliance on external funding.
Gladstone Land Corporation (LAND) cash flow statement — 16-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | 27.8M | 6.99M | 29.55M | 40.08M | 43.79M | 32.38M | 25M | 21.37M | 10.41M | 6.51M | 8.4M | 4.75M | 3.54M | -460.35K | 1.14M | 1.9M | 665.26K |
| Operating CF Growth % | -276.04% | -76.33% | -26.28% | -8.47% | 35.24% | 29.5% | 17% | 105.32% | 59.75% | -22.46% | 76.75% | 34.15% | 869.76% | -140.46% | -40.06% | 185.32% | - |
| Operating CF / Revenue % | 31.42% | 7.92% | 34.67% | 44.34% | 49.07% | 42.99% | 43.84% | 52.52% | 28.37% | 25.93% | 48.52% | 39.94% | 49.32% | -11.4% | 33.56% | 64.04% | 27.51% |
| Net Income | -6.47M | 13.53M | 13.29M | 14.56M | 4.72M | 3.51M | 4.96M | 1.76M | 2.77M | -34K | 473.49K | 568.54K | -125.13K | -1.22M | 600.37K | 6.22K | 560.52K |
| Depreciation & Amortization | 38.02M | 34.65M | 35.11M | 37.25M | 35.46M | 27.3M | 16.7M | 12.79M | 9.38M | 7.24M | 5.19M | 3.11M | 1.74M | 722.46K | 474.48K | 505.57K | 317.24K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 18.91M | 2.95M | -19K | -2.38M | 5.37M | 3.13M | 2.67M | 625K | -3.91M | 417K | 134.36K | -171.03K | -314.26K | -38.59K | 13.62K | 26.37K | 10.17K |
| Working Capital Changes | -22.67M | -44.13M | -18.83M | -9.35M | -1.76M | -1.58M | 673K | 6.19M | 2.17M | -1.1M | 2.61M | 1.24M | 2.25M | 824.14K | -34.42K | 1.06M | -236.5K |
| Cash from Investing | 26.14M | 84.07M | 63.31M | -3.77M | -85.48M | -295M | -272.9M | -262.65M | -93.81M | -129.65M | -95.5M | -78.48M | -71.33M | -38.73M | -8.13M | -4.75M | -8.42M |
| Acquisitions (Net) | 0 | -68K | 0 | 0 | -2.75M | -2.05M | -573K | -587K | 0 | 0 | -500K | -50K | -350K | -200K | -150K | -50K | 0 |
| Purchase of Investments | -74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -71.44M | -127.83M | -85.56M | -74.45M | 0 | -19.99M | -679.72K | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132K | 682K | 155.8K | 0 | 0 | 811.61K | 0 | 0 | 0 |
| Other Investing | 29.21M | 91.3M | 68.5M | 9.04M | -62.61M | -286.83M | -255.82M | -249.77M | -71.2M | -125.12M | -85.2M | -75.18M | -68.37M | -18.53M | -7.3M | -4.7M | -8.42M |
| Cash from Financing | -61.88M | -82.16M | -93.15M | -78.88M | 86.13M | 270.11M | 243.43M | 240.24M | 95.19M | 123.63M | 87M | 73.63M | 54.14M | 54.59M | 5.86M | 2.89M | 7.92M |
| Dividends Paid | -45.98M | -44.47M | -44.34M | -45.09M | -36.96M | -29.17M | -21.02M | -14.11M | -8.65M | -6.37M | -4.96M | -4.06M | -2.46M | -9.73M | 0 | -1.02M | 0 |
| Common Dividends | -27.98M | -20.47M | -20.09M | -19.79M | -18.89M | -16.49M | -12.03M | -10.46M | -8.27M | -6.37M | -4.96M | -4.06M | -2.46M | -7.58M | 0 | -1.02M | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -72.42M | -102K | 0 | 0 | -7.67M | 0 | 0 | 0 | -523K | -2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 62.22M | -192K | -154K | -955K | -14.73M | -9.47M | -7.86M | -10.5M | 68.61M | 35.77M | -3.18M | -5.81M | -1.69M | -4.72M | -823.68K | -48.53K | -152.43K |
| Net Change in Cash | -7.93M | 8.9M | -296K | -42.57M | 44.43M | 7.49M | -4.47M | -1.04M | 11.79M | 500K | -94.5K | -86.82K | -13.65M | 15.4M | -1.13M | 32.83K | 163.73K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 8.62M | 18.27M | 18.57M | 61.14M | 16.71M | 9.22M | 13.69M | 14.73M | 2.94M | 2.44M | 2.53M | 2.62M | 16.27M | 873.47K | 2M | 1.97M | 1.81M |
| Cash at End | 22.55M | 27.18M | 18.27M | 18.57M | 61.14M | 16.71M | 9.22M | 13.69M | 14.73M | 2.94M | 2.44M | 2.53M | 2.62M | 16.27M | 873.47K | 2M | 1.97M |
| Free Cash Flow | 24.81M | -168K | 24.35M | 27.28M | 23.66M | 26.26M | 8.49M | 9.08M | -12.2M | 1.3M | -1.39M | 1.51M | 924.54K | -1.27M | 1.14M | 1.9M | 665.26K |
| FCF Growth % | 122.76% | -100.69% | -10.72% | 15.27% | -9.88% | 209.2% | -6.48% | 174.44% | -1035.35% | 193.48% | -192.55% | 63.02% | 172.69% | -211.79% | -40.06% | 185.32% | - |
| FCF / Revenue % | 28.04% | -0.19% | 28.58% | 30.17% | 26.52% | 34.86% | 14.89% | 22.31% | -33.25% | 5.19% | -8.06% | 12.66% | 12.87% | -31.5% | 33.56% | 64.04% | 27.51% |
Quick answers to the most common questions about buying LAND stock.
Gladstone Land Corporation (LAND) generated $7.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gladstone Land Corporation (LAND) reported negative free cash flow of $0.2M in 2025, indicating capital requirements exceeded cash from operations.
Gladstone Land Corporation (LAND) spent $7.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Gladstone Land Corporation (LAND) returned $44.5M to shareholders via cash dividends and spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Dividend sustainability at risk
Metrics are mathematically derived from official filings.
Dividend Coverage Severely Stressed by Negative AFFO
In the most recent quarter, Gladstone Land's AFFO of negative $0.8 million failed to cover the $11.9 million dividend, indicating a 15x shortfall that appears unsustainable without external funding, as per the company's reported cash flow data.
This coverage gap has persisted for several quarters, with aggregate AFFO over the past ten quarters falling $23 million short of total dividends paid. The company's ability to maintain its distribution level without asset sales or balance sheet adjustments is questionable given the operational deterioration noted in the income statement analysis.
FFO Cash Conversion Highly Volatile and Divergent
The conversion of FFO to operating cash flow has been erratic, with 2026Q2 showing a negative FFO of $0.57 million against positive operating cash flow of $19.9 million, suggesting non-operating items are heavily influencing cash generation, according to the financial data.
This disconnect implies that cash flow from operations is not consistently reflecting the underlying property performance, which may be due to timing of non-cash adjustments or one-time items. Investors should monitor whether this volatility normalizes or if it indicates deeper structural issues in cash collection.
Reliance on External Funding to Maintain Distributions
Over the past ten quarters, Gladstone Land has paid $112.3 million in dividends while generating only $89.3 million in aggregate AFFO, a $23 million shortfall that suggests the company has relied on asset sales or debt to fund distributions, as reported in the financial statements.
This pattern indicates that the dividend is not fully supported by recurring property cash flows, which raises concerns about the long-term sustainability of the payout. The company may need to reduce its distribution or find alternative funding sources to bridge the gap.
Cash Flow Statement Risks and Hidden Liabilities
The cash flow statement may obscure the true sustainability of distributions by including non-recurring property disposition gains in FFO, as indicated by the persistent gap between negative net income and intermittently positive FFO, while potential off-balance-sheet joint venture obligations warrant further investigation.
Additionally, capitalized maintenance costs could be understating the true capital expenditure needed to maintain the portfolio, and straight-line rent adjustments may be inflating revenue. These factors suggest that the reported AFFO might overstate the cash available for distribution.
GAAP Net Income Severely Distorted by Non-Cash Charges
GAAP net income has been significantly distorted by non-cash charges, with first quarter 2025 net income of $15.1 million translating to FFO of $23.6 million, a 56% increase that underscores the depreciable nature of the company's asset base, based on reported financials.
This distortion is particularly pronounced in quarters with large property impairments or write-downs, which can cause net income to diverge sharply from FFO. As a result, relying on net income alone would misrepresent the company's operational cash generation ability.