NASDAQ : LAND
Gladstone Land Corporation — Financial statements
Real Estate · REIT - Specialty · United States
Last price 7.81 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 336.90M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 74.18M | 76.12M | 84.76M | 90.32M | 89.24M | 75.32M |
| Other Revenue | 14.35M | 12.19M | 393.00K | 20.00K | -73.00K | -61.00K |
| Total Revenue | 88.53M | 88.31M | 85.16M | 90.34M | 89.16M | 75.26M |
| Property Expenses | 25.07M | 24.29M | 13.70M | 12.80M | 11.13M | 8.87M |
| Selling, General & Administrative | 5.62M | 4.96M | 5.08M | 6.95M | 7.97M | 7.57M |
| Depreciation & Amortization | 36.00M | 34.55M | 35.05M | 37.16M | 35.37M | 27.18M |
| Total Operating Expenses | 66.69M | 63.80M | 53.84M | 56.91M | 54.46M | 43.61M |
| Operating Income | 21.84M | 24.51M | 31.32M | 33.42M | 34.70M | 31.64M |
| Interest Expense | -21.01M | -23.04M | -24.90M | -26.68M | -28.76M | -27.95M |
| Interest & Investment Income | 1.77M | 2.51M | 3.38M | 3.63M | 3.44M | 2.29M |
| Other Non-Operating Income | -547.00K | -547.00K | -853.00K | |||
| EBT Excluding Unusual Items | 2.05M | 3.43M | 9.79M | 10.37M | 8.53M | 5.98M |
| Gain (Loss) on Sale of Assets | 600.00K | 13.88M | 5.89M | 5.21M | -3.76M | -2.54M |
| Total Insurance Settlements | 137.00K | 68.00K | ||||
| Asset Writedown | -9.00M | -3.92M | -2.11M | |||
| Other Unusual Items | -115.00K | -284.00K | -1.02M | -56.00K | ||
| Pretax Income | -6.46M | 13.53M | 13.29M | 14.56M | 4.72M | 3.51M |
| Earnings From Continuing Operations | -6.46M | 13.53M | 13.29M | 14.56M | 4.72M | 3.51M |
| Minority Interest in Earnings | -8.00K | -19.00K | ||||
| Net Income | -6.46M | 13.53M | 13.29M | 14.56M | 4.71M | 3.50M |
| Preferred Dividends & Other Adjustments | 22.75M | 24.01M | 23.75M | 24.42M | 19.72M | 12.26M |
| Net Income to Common | -29.22M | -10.48M | -10.46M | -9.85M | -15.01M | -8.76M |
| Basic Shares Outstanding | 39.36M | 36.51M | 35.91M | 35.73M | 34.56M | 30.36M |
| Diluted Shares Outstanding | 39.36M | 36.51M | 35.91M | 35.73M | 34.56M | 30.36M |
| EPS (Basic) | -0.74 | -0.29 | -0.29 | -0.28 | -0.43 | -0.29 |
| EPS (Diluted) | -0.74 | -0.29 | -0.29 | -0.28 | -0.43 | -0.29 |
| Dividend Per Share | 0.56 | 0.56 | 0.56 | 0.55 | 0.55 | 0.54 |
| Operating Margin | 24.67% | 27.76% | 36.78% | 37.00% | 38.92% | 42.05% |
| Profit Margin | -33.00% | -11.87% | -12.28% | -10.91% | -16.83% | -11.64% |
| EBITDA | 66.92M | 70.29M | 68.43M | 71.12M | 69.58M | 58.24M |
| EBITDA Margin | 75.59% | 79.59% | 80.36% | 78.72% | 78.04% | 77.39% |
| D&A For Ebitda | 45.08M | 45.78M | 37.11M | 37.70M | 34.88M | 26.60M |
| EBIT | 21.84M | 24.51M | 31.32M | 33.42M | 34.70M | 31.64M |
| EBIT Margin | 24.67% | 27.76% | 36.78% | 37.00% | 38.92% | 42.05% |
| Funds From Operations (FFO) | 15.21M | 14.15M | 20.89M | 22.19M | 24.18M | 21.01M |
| FFO Per Share | 0.39 | 0.58 | 0.62 | 0.70 | 0.69 | |
| Adjusted Funds From Operations (AFFO) | 20.40M | 14.36M | 16.72M | 20.32M | 24.26M | 20.36M |
| AFFO Per Share | 0.39 | 0.47 | 0.57 | 0.70 | 0.67 | |
| FFO Payout Ratio | 145.39% | 144.63% | 96.21% | 89.17% | 78.13% | 78.48% |
| Revenue as Reported | 88.48M | 88.34M | 85.22M | 90.40M | 89.24M | 75.32M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.07B | 1.10B | 1.16B | 1.28B | 1.33B | 1.28B |
| Cash & Equivalents | 22.55M | 27.18M | 18.27M | 18.57M | 61.14M | 16.71M |
| Investment In Debt and Equity Securities | 47.43M | 47.32M | 40.23M | |||
| Other Intangible Assets | 3.35M | 3.55M | 4.08M | 5.36M | 9.82M | 4.51M |
| Other Current Assets | 6.53M | 1.66M | ||||
| Trading Asset Securities | 5.32M | 4.90M | 7.63M | 7.37M | 9.01M | |
| Other Long-Term Assets | 34.67M | 55.05M | 84.60M | 79.33M | 51.23M | 45.86M |
| Total Assets | 1.19B | 1.24B | 1.31B | 1.39B | 1.46B | 1.35B |
| Current Portion of Long-Term Debt | 1.04M | |||||
| Current Portion of Leases | 40.00K | 45.00K | ||||
| Long-Term Debt | 486.03M | 533.98M | 587.45M | 633.63M | 685.61M | 726.68M |
| Long-Term Leases | 682.00K | 657.00K | 498.00K | 568.00K | 617.00K | 664.00K |
| Accounts Payable | 17.50M | 22.00M | 18.40M | 10.30M | 16.27M | 10.87M |
| Accrued Expenses | 3.21M | 2.84M | 2.97M | 3.87M | 4.37M | 4.22M |
| Other Long-Term Liabilities | 11.62M | 9.36M | 15.69M | 19.34M | 19.03M | 19.01M |
| Total Liabilities | 519.09M | 568.89M | 625.01M | 667.71M | 725.89M | 762.48M |
| Preferred Stock, Redeemable | 16.00K | 16.00K | 16.00K | 16.00K | 16.00K | 9.00K |
| Common Stock | 43.00K | 38.00K | 36.00K | 36.00K | 35.00K | 34.00K |
| Additional Paid-In Capital | 908.54M | 870.85M | 854.06M | 856.21M | 836.67M | 668.27M |
| Distributions in Excess of Earnings | -240.81M | -205.51M | -174.56M | -144.01M | -114.37M | -80.47M |
| Comprehensive Income & Other | 5.32M | 4.90M | 7.63M | 7.37M | 9.01M | -1.04M |
| Total Common Equity | 673.10M | 670.27M | 687.17M | 719.60M | 731.35M | 586.81M |
| Minority Interest | 2.25M | |||||
| Shareholders' Equity | 673.11M | 670.29M | 687.18M | 719.61M | 731.36M | 589.07M |
| Total Liabilities & Equity | 1.19B | 1.24B | 1.31B | 1.39B | 1.46B | 1.35B |
| Total Debt | 486.76M | 534.68M | 587.95M | 634.20M | 686.22M | 728.38M |
| Net Cash (Debt) | -458.88M | -502.61M | -562.04M | -608.26M | -616.08M | -711.67M |
| Net Cash Per Share | -11.66 | -13.77 | -15.65 | -17.02 | -17.82 | -23.44 |
| Filing Date Shares Outstanding | 43.14M | 41.44M | 36.18M | 35.84M | 35.71M | 34.21M |
| Total Common Shares Outstanding | 43.14M | 38.01M | 36.18M | 35.84M | 35.05M | 34.21M |
| Book Value Per Share | 15.60 | 17.63 | 18.99 | 20.08 | 20.87 | 17.15 |
| Tangible Book Value | 669.74M | 666.72M | 683.08M | 714.24M | 721.53M | 582.30M |
| Tangible Book Value Per Share | 15.53 | 17.54 | 18.88 | 19.93 | 20.59 | 17.02 |
| Land | 712.54M | 717.41M | 743.14M | 792.28M | 845.78M | 812.83M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -6.46M | 13.53M | 13.29M | 14.56M | 4.71M | 3.50M |
| Depreciation & Amortization | 45.18M | 45.88M | 37.17M | 37.79M | 34.97M | 26.72M |
| Other Amortization | 1.49M | 1.79M | 990.00K | 1.06M | 1.88M | 1.17M |
| Gain (Loss) on Sale of Assets | -600.00K | -13.88M | -5.89M | -5.21M | 3.76M | 2.54M |
| Asset Writedown | 9.00M | 3.92M | 2.11M | |||
| Income (Loss) on Equity Investments | -43.00K | 26.00K | 60.00K | 59.00K | 73.00K | 61.00K |
| Change in Accounts Payable | -8.08M | -13.85M | -5.10M | -2.90M | 5.68M | 1.91M |
| Change in Other Net Operating Assets | -14.44M | -30.28M | -13.36M | -6.30M | -7.43M | -3.48M |
| Other Operating Activities | 2.86M | -137.00K | 284.00K | 1.02M | 64.00K | -49.00K |
| Operating Cash Flow | 27.80M | 6.99M | 29.55M | 40.08M | 43.79M | 32.38M |
| Acquisition of Real Estate Assets | -3.00M | -7.16M | -5.20M | -12.80M | -82.73M | -292.95M |
| Sale of Real Estate Assets | 29.28M | 91.30M | 68.50M | 9.04M | ||
| Net Sale / Acq. of Real Estate Assets | 26.29M | 84.13M | 63.31M | -3.77M | -82.73M | -292.95M |
| Investment in Marketable & Equity Securities | -142.00K | -68.00K | -2.75M | -2.05M | ||
| Investing Cash Flow | 26.14M | 84.07M | 63.31M | -3.77M | -85.48M | -295.00M |
| Long-Term Debt Issued | 13.50M | 3.40M | 200.00K | 9.93M | 67.91M | |
| Total Debt Issued | 69.10M | 13.50M | 3.40M | 200.00K | 9.93M | 67.91M |
| Long-Term Debt Repaid | -67.86M | -50.52M | -53.12M | -51.65M | -23.92M | |
| Total Debt Repaid | -79.88M | -67.86M | -50.52M | -53.12M | -51.65M | -23.92M |
| Net Debt Issued (Repaid) | -10.78M | -54.36M | -47.12M | -52.91M | -41.72M | 43.98M |
| Issuance of Common Stock | 51.35M | |||||
| Preferred Stock Issued | 17.07M | 17.07M | 5.09M | 21.27M | 188.11M | 293.77M |
| Preferred Share Repurchases | -72.43M | -102.00K | -6.63M | -1.19M | -901.00K | -29.00M |
| Common Dividends Paid | -22.12M | -20.47M | -20.09M | -19.79M | -18.89M | -16.49M |
| Preferred Dividends Paid | -23.86M | -24.01M | -24.25M | -25.30M | -18.07M | -12.68M |
| Total Dividends Paid | -45.98M | -44.47M | -44.34M | -45.09M | -36.96M | -29.17M |
| Other Financing Activities | -1.11M | -294.00K | -154.00K | -955.00K | -22.40M | -9.47M |
| Net Cash Flow | -7.93M | 8.90M | -296.00K | -42.57M | 44.43M | 7.49M |
| Levered Free Cash Flow | 44.34M | 50.40M | 49.37M | 36.60M | 46.11M | 33.74M |
| Unlevered Free Cash Flow | 56.53M | 63.55M | 63.95M | 52.21M | 63.00M | 50.03M |
| Cash Interest Paid | 22.75M | 22.75M | 24.40M | 26.22M | 25.26M | 26.93M |
| Change in Working Capital | -23.62M | -44.13M | -18.46M | -9.20M | -1.76M | -1.58M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 320.07M | 340.99M | 392.60M | 517.87M | 636.82M | 1.15B |
| Enterprise Value | 778.96M | 866.02M | 964.68M | 1.13B | 1.29B | 1.80B |
| Last Close Price | 7.41 | 8.71 | 9.75 | 12.44 | 15.26 | 27.45 |
| Price/FFO Ratio | 22.32 | 16.80 | 20.06 | 21.80 | 39.78 | |
| Price/AFFO Ratio | 22.32 | 20.74 | 21.82 | 21.80 | 40.97 | |
| PS Ratio | 3.58 | 3.86 | 4.61 | 5.73 | 7.14 | 15.35 |
| PB Ratio | 0.47 | 0.51 | 0.57 | 0.72 | 0.87 | 1.96 |
| P/OCF Ratio | 11.40 | 48.76 | 13.29 | 12.92 | 14.54 | 35.67 |
| EV/Sales Ratio | 8.76 | 9.81 | 11.33 | 12.47 | 14.46 | 23.88 |
| EV/EBITDA Ratio | 11.60 | 12.32 | 14.10 | 15.84 | 18.54 | 30.85 |
| EV/EBIT Ratio | 35.53 | 35.33 | 30.80 | 33.71 | 37.17 | 56.79 |
| Debt / Equity Ratio | 0.72 | 0.80 | 0.86 | 0.88 | 0.94 | 1.24 |
| Debt / EBITDA Ratio | 7.26 | 7.60 | 8.58 | 8.90 | 9.85 | 12.49 |
| Net Debt / Equity Ratio | 0.68 | 0.75 | 0.82 | 0.84 | 0.84 | 1.21 |
| Net Debt / EBITDA Ratio | 6.86 | 7.15 | 8.21 | 8.55 | 8.85 | 12.22 |
| Asset Turnover | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.06 |
| Quick Ratio | 1.34 | 1.29 | 1.21 | 1.83 | 3.40 | 1.04 |
| Current Ratio | 1.66 | 1.35 | 1.21 | 1.83 | 3.40 | 1.04 |
| Return on Equity (ROE) | -0.96% | 1.99% | 1.89% | 2.01% | 0.71% | 0.72% |
| Return on Assets (ROA) | 1.11% | 1.20% | 1.45% | 1.47% | 1.54% | 1.64% |
| Earnings Yield | -10.00% | 3.97% | 3.38% | 2.81% | 0.74% | 0.30% |
| Dividend Yield | 7.55% | 6.25% | 5.16% | 3.83% | 3.01% | 1.60% |
| Payout Ratio | 328.73% | 333.66% | 309.58% | 785.07% | 834.62% | |
| Buyback Yield / Dilution | -9.08% | -1.66% | -0.49% | -3.39% | -13.86% | -36.39% |
| Total Shareholder Return | -1.46% | 4.59% | 4.66% | 0.44% | -10.85% | -34.78% |