Gladstone Land Corporation 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. The Company currently owns 150 farms, comprised of approximately 103,000 acres in 15 different states and over 55,000 acre-feet of water assets in California. Gladstone Land farms are predominantly located in regions where its tenants can 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, blueberries, figs, olives, pistachios, and wine grapes, which are generally planted every 20-plus year and harvested annually. Over 30% of its fresh produce acreage is either organic or in transition to become organic, and nearly 20% of its permanent crop acreage falls into this category. Gladstone Land pays monthly distributions to its stockholders and has paid 150 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution on its common stock is 0.0467 US dollars per month, or 0.5604 US dollars per year. Gladstone Land Corporation was founded and established on June 14, 1997 and incorporated in Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $88M | $68M | $14M | $-0M | 2.0% | 3.7% | 1.8% |
| 2024 | $85M | $70M | $13M | $24M | 1.9% | -5.7% | -8.8% |
| 2023 | $90M | $75M | $15M | $27M | 2.0% | 1.3% | 209.4% |
| 2022 | $89M | $66M | $5M | $24M | 0.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 89.24 | 90.40 | 85.22 | 88.34 |
| Operating Revenue | - | 89.24 | 90.32 | 84.76 | 88.29 |
| Cost Of Revenue | - | 2.82 | 4.20 | 5.33 | 16.28 |
| Gross Profit | - | 86.42 | 86.20 | 79.88 | 72.06 |
| Operating Expense | - | 51.64 | 52.71 | 48.50 | 47.52 |
| Selling General And Administration | - | 13.05 | 13.78 | 13.34 | 10.24 |
| Total Expenses | - | 54.46 | 56.92 | 53.84 | 63.80 |
| Operating Income | - | 34.77 | 33.48 | 31.38 | 24.54 |
| EBITDA | - | 65.91 | 75.48 | 70.29 | 68.20 |
| Normalized EBITDA | - | 69.73 | 71.29 | 66.79 | 58.10 |
| EBIT | - | 30.45 | 38.23 | 35.17 | 33.55 |
| Interest Expense | - | 25.74 | 23.66 | 21.88 | 20.02 |
| Net Interest Income | - | -25.74 | -23.66 | -21.88 | -20.02 |
| Other Non Operating Income Expenses | - | -0.43 | 0.61 | 0.36 | -1.06 |
| Other Income Expense | - | -4.32 | 4.75 | 3.80 | 9.01 |
| Interest Expense Non Operating | - | 25.74 | 23.66 | 21.88 | 20.02 |
| Net Non Operating Interest Income Expense | - | -25.74 | -23.66 | -21.88 | -20.02 |
| Pretax Income | - | 4.72 | 14.56 | 13.29 | 13.53 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.80 | 0.88 | 0.73 | 2.12 |
| Net Income Continuous Operations | - | 4.72 | 14.56 | 13.29 | 13.53 |
| Net Income From Continuing And Discontinued Operation | - | 4.71 | 14.56 | 13.29 | 13.53 |
| Net Income From Continuing Operation Net Minority Interest | - | 4.71 | 14.56 | 13.29 | 13.53 |
| Net Income | - | 4.71 | 14.56 | 13.29 | 13.53 |
| Net Income Common Stockholders | - | -15.01 | -9.85 | -10.46 | -10.48 |
| Net Income Including Noncontrolling Interests | - | 4.72 | 14.56 | 13.29 | 13.53 |
| Normalized Income | - | 7.72 | 11.25 | 10.53 | 5.55 |
| Diluted NI Availto Com Stockholders | - | -15.01 | -9.85 | -10.46 | -10.48 |
| Basic Average Shares | - | 34.56 | 35.73 | 35.91 | 36.51 |
| Diluted Average Shares | - | 34.56 | 35.73 | 35.91 | 36.51 |
| Reconciled Depreciation | - | 35.46 | 37.25 | 35.11 | 34.65 |
| Reconciled Cost Of Revenue | - | 2.73 | 4.11 | 5.28 | 16.18 |
| Total Unusual Items | - | -3.82 | 4.19 | 3.50 | 10.10 |
| Total Unusual Items Excluding Goodwill | - | -3.82 | 4.19 | 3.50 | 10.10 |
| Preferred Stock Dividends | - | 19.69 | 24.37 | 24.25 | 24.01 |
| Minority Interests | -0.02 | -0.01 | 0 | 0 | - |
| Special Income Charges | - | -0.06 | -1.02 | -2.39 | -3.78 |
| Other Special Charges | - | 0.06 | 1.02 | 0.28 | -0.14 |
| Write Off | - | 0 | 0 | 2.11 | 3.92 |
| Gain On Sale Of Security | - | -3.76 | 5.21 | 5.89 | 13.88 |
| Depreciation Amortization Depletion Income Statement | - | 35.37 | 37.16 | 35.06 | 34.55 |
| Depreciation And Amortization In Income Statement | - | 35.37 | 37.16 | 35.06 | 34.55 |
| General And Administrative Expense | - | 13.05 | 13.78 | 13.34 | 10.24 |
| Other Gand A | - | 13.05 | 13.78 | 13.34 | 10.24 |
| Other Operating Expenses | - | 3.22 | 1.77 | 0.11 | 2.72 |
| Otherunder Preferred Stock Dividend | - | 0.02 | 0.05 | -0.50 | 0 |
| Earnings From Equity Interest | - | -0.07 | -0.06 | -0.06 | -0.03 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Gladstone Land Corporationthis co. | LAND | $402M | 29.75β premium | 0.60 | 2.0% | 12.45 |
| Farmland Partners Inc. | FPI | $456M | 14.46 | 0.99 | 6.9% | 13.23 |
| KKR Real Estate Finance Trust Inc. | KREF | $453M | - | 0.39 | -6.0% | - |
| FRP Holdings, Inc. | FRPH | $452M | 135.80 | 1.06 | 0.8% | 30.39 |
| FrontView REIT, Inc. | FVR |
| - |
| - |
| - |
| - |
| - |
| - |
| $415M |
| -108.44 |
| 1.06 |
| -1.0% |
| 14.82 |
| NexPoint Real Estate Finance, Inc. | NREF | $364M | 3.46 | 0.94 | 27.1% | - |
| Claros Mortgage Trust, Inc. | CMTG | $355M | -0.73 | 0.23 | -31.9% | - |
| The RMR Group Inc. | RMR | $348M | 19.78 | 1.53 | 7.7% | 7.87 |
| The Real Brokerage Inc. | REAX | $348M | -42.90 | 6.73 | -15.7% | - |
| Peer Median | - | 3.46 | 1.02 | -0.1% | 14.02 | |