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Gladstone Land Corporation

Real Estate US LAND

14.49USD
0.56(4.02%)

Last update at 2024-07-11T14:57:00Z

Day Range

14.1014.49
LowHigh

52 Week Range

12.2716.86
LowHigh

Fundamentals

  • Previous Close 13.93
  • Market Cap477.37M
  • Volume101448
  • P/E Ratio266.40
  • Dividend Yield4.20%
  • EBITDA71.07M
  • Revenue TTM89.33M
  • Revenue Per Share TTM2.50
  • Gross Profit TTM 78.04M
  • Diluted EPS TTM0.05

Financials

Income Statement

Balancesheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Income before tax 4.72M 3.51M 4.96M 1.76M 2.77M
Minority interest 0.00800M 0.02M 0.03M 0.02M 0.14M
Net income -21.02200M -20.55000M -15.73000M -13.69500M 2.63M
Selling general administrative 13.05M 9.99M 7.84M 5.28M 5.48M
Selling and marketing expenses - - - - -
Gross profit 86.42M 72.78M 55.18M 38.22M 34.64M
Reconciled depreciation 35.46M 27.30M 16.66M 12.79M 9.38M
Ebit 34.27M 30.87M 27.69M 18.41M 10.65M
Ebitda 69.73M 58.17M 44.34M 31.20M 20.03M
Depreciation and amortization 35.46M 27.30M 16.66M 12.79M 9.38M
Non operating income net other -3.46700M -3.30700M -2.07500M 0.62M 4.61M
Operating income 34.27M 30.87M 27.69M 18.41M 12.11M
Other operating expenses 55.31M 43.61M 29.38M 21.39M 24.57M
Interest expense 25.74M 24.88M 20.62M 16.33M 12.13M
Tax provision - - - - -
Interest income - - - 18.16M 13.96M
Net interest income -25.73800M -24.88300M -20.62100M -16.33100M -12.13000M
Extraordinary items - - - - -
Non recurring - - - - -
Other items - - - - -
Income tax expense 25.74M 24.06M 20.68M 15.46M 2.78M
Total revenue 89.24M 75.32M 57.03M 40.69M 36.69M
Total operating expenses 52.50M 41.08M 27.53M 18.91M 22.53M
Cost of revenue 2.82M 2.54M 1.85M 2.47M 2.04M
Total other income expense net -29.55400M -27.35200M -22.73100M -16.64900M 2.78M
Discontinued operations - - - - -
Net income from continuing ops 4.72M 3.51M 4.96M 44.53M 44.55M
Net income applicable to common shares -15.01000M -8.76300M -4.39600M -2.49900M 2.25M
Preferred stock and other adjustments 19.72M 12.26M 9.32M 4.24M -
Breakdown 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Type yearly yearly yearly yearly yearly
Date 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Total assets 1387.32M 1457.25M 1351.55M 1067.29M 816.79M
Intangible assets 4.78M 5.70M 4.46M 3.73M 4.83M
Earning assets - - - - -
Other current assets -18.57100M - 1330.39M - -
Total liab 667.71M 725.89M 762.48M 683.50M 537.82M
Total stockholder equity 719.61M 731.36M 586.82M 383.79M 276.62M
Deferred long term liab - - 0.70M 0.28M 1.20M
Other current liab 3.87M 4.37M 4.22M 2.48M 2.17M
Common stock 0.04M 0.04M 0.03M 0.03M 0.02M
Capital stock 0.05M 0.05M 0.04M 0.03M 0.03M
Retained earnings -144.01100M -114.37000M -80.46700M -55.21300M -38.78500M
Other liab - 19.03M 20.71M 19.28M 14.67M
Good will - - - - -
Other assets 1363.97M 5.63M -0.11830M 8.14M 798.27M
Cash 18.57M 61.14M 16.71M 9.22M 13.69M
Cash and equivalents - - - - -
Total current liabilities 14.37M 20.74M 15.20M 11.66M 12.40M
Current deferred revenue - - - - -
Net debt 555.54M 565.36M 651.27M 614.84M 468.24M
Short term debt 0.20M 0.10M 0.10M 0.10M 0.10M
Short long term debt 0.20M 0.10M 0.10M 0.10M 0.39M
Short long term debt total 574.11M 626.50M 667.98M 624.06M 481.93M
Other stockholder equity 856.21M 836.67M 668.27M 440.47M 315.77M
Property plant equipment - 1325.43M 1283.80M 1046.20M 792.08M
Total current assets 72.20M 61.14M 16.71M 9.22M 13.69M
Long term investments - - - - 0.59M
Net tangible assets - 725.64M 582.35M 380.05M 271.79M
Short term investments 7.37M - - - -
Net receivables 18.57M - - - -
Long term debt 573.91M 685.51M 726.58M 652.55M 510.19M
Inventory 53.63M - - - -
Accounts payable 10.30M 16.27M 10.87M 9.08M 10.13M
Total permanent equity - - - - -
Noncontrolling interest in consolidated entity - - 2.25M - 2.35M
Temporary equity redeemable noncontrolling interests - - - - -
Accumulated other comprehensive income 7.37M 9.01M -1.03600M -1.50000M -0.39000M
Additional paid in capital - - - - -
Common stock total equity - 0.04M 0.03M 0.03M 0.02M
Preferred stock total equity - 0.02M 0.00900M 0.00700M 0.00500M
Retained earnings total equity - -114.37000M -80.46700M -55.21300M -38.78500M
Treasury stock - - - - -
Accumulated amortization - - - - -
Non currrent assets other 1310.35M 1390.41M 1330.39M 1054.34M 798.27M
Deferred long term asset charges - - - - -
Non current assets total 1315.13M 1396.11M 1334.84M 1058.07M 803.10M
Capital lease obligations - - - - -
Long term debt total - 685.51M 726.58M 652.55M 510.19M
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Investments -0.55400M -2.05400M -0.28000M 0.15M 0.10M
Change to liabilities 5.73M 4.36M 2.46M 7.09M 5.33M
Total cashflows from investing activities -85.48400M -295.00100M -272.90100M -262.65000M -93.80900M
Net borrowings -42.66700M 41.27M 141.47M 145.64M 34.56M
Total cash from financing activities 86.13M 270.11M 243.43M 240.24M 95.19M
Change to operating activities -7.43500M -3.48100M 1.46M 5.22M 3.38M
Net income 4.72M 3.51M 4.96M 1.76M 2.77M
Change in cash 44.43M 7.49M -4.47000M -1.04200M 11.79M
Begin period cash flow 16.71M 9.22M 13.69M 14.73M 2.94M
End period cash flow 61.14M 16.71M 9.22M 13.69M 14.73M
Total cash from operating activities 43.79M 32.38M 25.00M 21.37M 10.41M
Issuance of capital stock 188.11M 293.77M 130.35M 118.36M 74.42M
Depreciation 35.46M 27.30M 16.66M 12.79M 9.38M
Other cashflows from investing activities -2.74900M -2.05400M -0.16300M -0.50300M 0.13M
Dividends paid -36.96100M -29.17000M -21.01500M -14.10600M 8.65M
Change to inventory - - - -0.89600M -3.15100M
Change to account receivables - - - -1.86900M -
Sale purchase of stock -8.57100M -28.99800M -0.68400M -0.34000M -0.52300M
Other cashflows from financing activities 183.31M -9.46900M -7.86000M -10.49600M 167.47M
Change to netincome 0.16M 0.07M 0.02M 0.01M 1.25M
Capital expenditures 20.13M 6.12M 16.51M 12.29M 22.61M
Change receivables - - - - -
Cash flows other operating -2.78300M -3.34800M 0.37M -0.57800M -8.48900M
Exchange rate changes - - - - -
Cash and cash equivalents changes 44.43M 7.49M -4.47000M -1.04200M 11.79M
Change in working capital -1.75700M -1.57600M 0.72M 6.19M 2.17M
Stock based compensation - - - - -
Other non cash items 5.37M 3.13M 2.67M 0.62M -3.90700M
Free cash flow 23.66M 26.26M 8.49M 9.08M -12.19700M

Peer Comparison

Sector: Real Estate Industry: REIT - Specialty

Company Change (USD) Price (USD) Trailing PE (x) Forward PE (x) Price Sales TTM (x) Price to Book Value (x) Enterprise Value to Revenue (x) Enterprise Value to EBITDA (x)
LAND
Gladstone Land Corporation
0.56 4.02% 14.49 266.40 - 5.14 0.64 11.26 13.48
AMT
American Tower Corp
6.99 3.55% 203.76 145.45 43.10 8.90 21.71 12.94 27.44
EQIX
Equinix Inc
22.96 2.96% 798.92 76.95 63.29 9.32 5.79 10.70 25.99
CCI
Crown Castle
3.08 3.14% 100.88 32.08 28.57 7.02 7.44 11.06 19.02
DLR
Digital Realty Trust Inc
3.52 2.26% 159.15 46.75 98.04 7.73 2.30 10.89 19.17

Reports Covered

Stock Research & News

Profile

Founded 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 169 farms, comprised of approximately 116,000 acres in 15 different states and over 45,000 acre-feet of banked water in California, valued at a total of approximately $1.6 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, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 20-plus years and harvested annually. Approximately 40% of the Company's fresh produce acreage is either organic or in transition to become organic, and over 10% of its permanent crop acreage falls into this category. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land pays monthly distributions to its stockholders and has paid 129 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 32 times over the prior 35 quarters, and the current per-share distribution on its common stock is $0.0464 per month, or $0.5568 per year.

Gladstone Land Corporation

1521 Westbranch Drive, McLean, VA, United States, 22102-3211

Key Executives

Name Title Year Born
Mr. David John Gladstone Founder, Chairman, CEO & Pres 1942
Mr. Terry Lee Brubaker Vice Chairman & COO 1944
Mr. Lewis Parrish CFO & Assistant Treasurer 1979
Ms. Karin McLaughlin Investor Relations Specialist NA
Mr. John Anthony Dellafiora Jr., CPA Chief Compliance Officer NA
Mr. Michael Bernard LiCalsi Esq., J.D. Gen. Counsel & Sec. 1970
Mr. William Reiman Exec. VP of West Coast Operations 1970
Ms. Jennifer A. Smith Chief Valuation Officer NA
Mr. William Frisbie Exec. VP of East Coast Operations NA
Mr. Jay Beckhorn Treasurer 1962

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