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LAND

Gladstone Land Corporation

LAND

Gladstone Land Corporation • NASDAQ
$9.31 ▲ 0.11% (+0.01)
Market Cap $336.79 M
52w High $12.09
52w Low $8.47
Dividend Yield 0.56%
P/E -23.87
Volume 205.71K
Outstanding Shares 36.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.785M ▲ $11.593M ▲ $2.087M ▲ 11.735% ▲ $-0.11 ▲ $15.357M ▲
Q2-2025 $12.296M ▼ $11.268M ▼ $-7.878M ▼ -64.07% ▼ $-0.38 ▼ $5.497M ▼
Q1-2025 $16.804M ▼ $11.999M ▲ $15.108M ▲ 89.907% ▲ $0.25 ▲ $28.738M ▲
Q4-2024 $21.096M ▼ $11.961M ▼ $540K ▲ 2.56% ▲ $-0.15 ▲ $14.581M ▲
Q3-2024 $22.571M $12.213M $6K 0.027% $-0.16 $14.236M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.312M ▼ $1.226B ▼ $563.984M ▼ $661.794M ▼
Q2-2025 $30.481M ▼ $1.259B ▼ $588.512M ▼ $670.073M ▼
Q1-2025 $42.917M ▲ $1.282B ▼ $591.858M ▼ $689.878M ▲
Q4-2024 $18.275M ▲ $1.312B ▼ $625.013M ▼ $687.182M ▼
Q3-2024 $13.213M $1.318B $626.731M $691.204M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.087M ▲ $-12.036M ▼ $19.007M ▲ $-26.14M ▼ $-19.169M ▼ $-13.482M ▼
Q2-2025 $-7.878M ▼ $3.949M ▼ $-2.821M ▼ $-13.564M ▲ $-12.436M ▼ $1.128M ▼
Q1-2025 $15.108M ▲ $4.467M ▼ $60.216M ▲ $-40.041M ▼ $24.642M ▲ $2.671M ▼
Q4-2024 $540K ▲ $11.582M ▲ $3.269M ▲ $-9.789M ▲ $5.062M ▲ $10.343M ▲
Q3-2024 $6K $-1.367M $-1.639M $-33.538M $-36.544M $-3.006M

Five-Year Company Overview

Income Statement

Income Statement LAND’s income statement shows a business that has grown steadily but not dramatically. Rental and related income have trended upward over the past several years, but more recently growth appears to have flattened. Operating profits are positive, yet fairly thin, which means there isn’t a large buffer if costs rise or rents soften. Net income hovers close to break-even and reported earnings per share remain negative, suggesting that depreciation, interest costs, and share issuance weigh heavily on the accounting results. Typical for a REIT, the traditional profit figures look modest, and the story is more about stable rent streams than headline earnings growth.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive, asset‑heavy business built around farmland. Total assets have increased meaningfully over time as LAND has added properties, although growth has recently slowed and even edged down a bit, hinting at a more selective or cautious acquisition pace. Debt remains substantial relative to the size of the business but has come down from prior peaks, while equity has steadily grown, which points to a gradual improvement in leverage. Cash on hand is kept low, consistent with a REIT that tends to distribute much of its earnings and rely on capital markets and credit lines rather than holding large cash balances.

Cash Flow

Cash Flow Cash flow looks steadier than the income statement might suggest. Operating cash flow has been consistently positive and relatively stable, showing that rent collections from farms reliably cover ongoing operating needs. After funding modest capital spending, LAND has generated positive free cash flow most years, though not at a rapid growth pace. The business doesn’t require massive ongoing investments to maintain its properties, but expansion through new acquisitions likely depends on access to external financing and equity rather than on internally generated cash alone.

Competitive Edge

Competitive Edge LAND operates in a niche corner of real estate: productive farmland focused on fruits, vegetables, and nuts rather than bulk commodity crops. Its use of long‑term, often triple‑net leases with established farmers provides predictable rent and shifts many property costs to tenants. The company benefits from specialized knowledge in evaluating farms, water rights, and tenant quality, along with a geographically and crop‑diversified portfolio. Being one of the first publicly traded farmland REITs gives it name recognition and capital access advantages. That said, it still competes with institutional buyers, private investors, and other farmland funds, and it remains sensitive to agricultural cycles, weather, and regional water constraints.

Innovation and R&D

Innovation and R&D Instead of traditional research and development, LAND’s “innovation” is in how it structures and manages farmland ownership. The company leans on sale‑leaseback deals to free capital for farmers while locking in long‑term tenants, focuses on higher‑value specialty crops, and seeks properties with strong water resources—an increasingly important differentiator. It is experimenting with lease structures that share in tenant upside and benefits indirectly as farmers adopt modern agricultural technologies. Future innovation is likely to come from more creative leasing, broader geographic and crop diversification, and deeper integration of water and sustainability considerations, rather than from lab‑style R&D spending.

Summary

Overall, LAND presents as a specialized farmland REIT with steady, rent‑driven cash flows, modest accounting profits, and meaningful but gradually improving leverage. The business model is built for durability more than rapid growth, targeting high‑value crops, strong tenant relationships, and strategic water assets to support long‑term income. Key strengths include its niche expertise, diversified farm portfolio, and flexible deal structures for farmers. Key risks revolve around interest rates, farmland valuations, tenant health, and environmental factors such as water availability and climate. The long‑term outlook is closely tied to execution on disciplined acquisitions, tenant quality, and broader trends in food demand and sustainable agriculture.

NEWS

November 5, 2025 · 4:10 PM UTC

Gladstone Land Announces Third Quarter 2025 Results

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November 4, 2025 · 8:30 AM UTC

Gladstone Land Corporation Earnings Call and Webcast Information

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