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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 89.24 | 90.40 | 85.22 | 88.34 |
| 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 |
| Operating Income | 34.77 | 33.48 | 31.38 | 24.54 |
| EBITDA | 65.91 | 75.48 | 70.29 | 68.20 |
| EBIT | 30.45 | 38.23 | 35.17 | 33.55 |
| Pretax Income | 4.72 | 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 |
| Total Expenses | 54.46 | 56.91 | 53.84 | 63.80 |
| Interest Expense | 25.74 | 23.66 | 21.89 | 20.02 |
| Selling General And Administration | 13.05 | 13.78 | 13.34 | 10.24 |
| Normalized EBITDA | 69.73 | 71.29 | 66.79 | 58.10 |
| Normalized Income | 7.72 | 11.25 | 10.53 | 5.55 |
| Basic EPS | -0.43 | -0.28 | -0.29 | -0.29 |
| Diluted EPS | -0.43 | -0.28 | -0.29 | -0.29 |
| Tax Effect Of Unusual Items | -0.80 | 0.88 | 0.73 | 2.12 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -3.82 | 4.19 | 3.50 | 10.10 |
| Total Unusual Items Excluding Goodwill | -3.82 | 4.19 | 3.50 | 10.10 |
| Net Income From Continuing Operation Net Minority Interest | 4.71 | 14.56 | 13.29 | 13.53 |
| Reconciled Depreciation | 35.46 | 37.25 | 35.11 | 34.65 |
| Reconciled Cost Of Revenue | 2.73 | 4.11 | 5.28 | 16.18 |
| Net Interest Income | -25.74 | -23.66 | -21.89 | -20.02 |
| Net Income From Continuing And Discontinued Operation | 4.71 | 14.56 | 13.29 | 13.53 |
| Diluted Average Shares | 34.56 | 35.73 | 35.91 | 36.51 |
| Basic Average Shares | 34.56 | 35.73 | 35.91 | 36.51 |
| Diluted NI Availto Com Stockholders | -15.01 | -9.85 | -10.46 | -10.48 |
| Otherunder Preferred Stock Dividend | 0.03 | 0.05 | -0.51 | 0.01 |
| Preferred Stock Dividends | 19.69 | 24.37 | 24.25 | 24.01 |
| Minority Interests | -0.01 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 4.72 | 14.56 | 13.29 | 13.53 |
| Net Income Continuous Operations | 4.72 | 14.56 | 13.29 | 13.53 |
| Other Income Expense | -4.32 | 4.75 | 3.79 | 9.01 |
| Other Non Operating Income Expenses | -0.43 | 0.61 | 0.36 | -1.06 |
| 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 |
| Earnings From Equity Interest | -0.07 | -0.06 | -0.06 | -0.03 |
| Gain On Sale Of Security | -3.76 | 5.21 | 5.89 | 13.88 |
| Net Non Operating Interest Income Expense | -25.74 | -23.66 | -21.89 | -20.02 |
| Interest Expense Non Operating | 25.74 | 23.66 | 21.89 | 20.02 |
| Other Operating Expenses | 3.23 | 1.77 | 0.11 | 2.72 |
| Depreciation Amortization Depletion Income Statement | 35.37 | 37.16 | 35.05 | 34.55 |
| Depreciation And Amortization In Income Statement | 35.37 | 37.16 | 35.05 | 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 |
| Operating Revenue | 89.24 | 90.32 | 84.76 | 88.29 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Gladstone Land Corporationthis co. | LAND | $407M | - | 0.55 | 2.0% | 13.18 |
| The Real Brokerage Inc. | REAX | $461M | - | 8.74 | -15.7% | -61.89 |
| Chatham Lodging Trust | CLDT | $429M | 62.29 | 0.56 | 1.9% | 9.11 |
| FRP Holdings, Inc. | FRPH | $398M | 115.44 | 0.93 | 0.7% | 44.40 |
| FrontView REIT, Inc. | FVR | $398M |
| - |
| 1.00 |
| -0.8% |
| 16.32 |
| KKR Real Estate Finance Trust Inc. | KREF | $396M | - | 0.46 | -3.8% | - |
| Claros Mortgage Trust, Inc. | CMTG | $363M | - | 0.24 | -31.9% | - |
| Alpine Income Property Trust, Inc. | PINE | $339M | - | 1.01 | -0.9% | 14.86 |
| NexPoint Real Estate Finance, Inc. | NREF | $328M | 5.03 | 0.69 | 12.7% | - |
| Peer Median | - | 62.29 | 0.81 | -0.8% | 14.86 | |