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Gladstone Land
(NASDAQ:LAND)
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Rating:47Neutral
Price Target:
$8.00
▼(-6.10% Downside)
Action:Reiterated
Date:06/03/26
The score is held down primarily by weak recent fundamentals (revenue decline and net losses) and bearish technicals (below key moving averages with negative MACD). A solid dividend yield and some encouraging earnings-call items (improved AFFO and strong liquidity/fixed-rate debt profile) provide partial support, but tenant/vacancy and refinancing/crop risks keep the outlook constrained.
Positive Factors
Large farmland & water assets
A sizeable, diversified farmland portfolio and substantial water rights create durable competitive advantages: stable leaseable supply, pricing power in high-value crops, and resilience versus single-asset risk. Water assets support crop productivity and long-term tenant credit quality.
Negative Factors
Revenue decline & net losses
A sharp top-line decline and return to GAAP losses signal weakening core rental and crop-related income. Persistently lower revenue reduces cushion for distributions, constrains reinvestment capacity, and heightens reliance on asset sales or capital markets to sustain growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Large farmland & water assets
A sizeable, diversified farmland portfolio and substantial water rights create durable competitive advantages: stable leaseable supply, pricing power in high-value crops, and resilience versus single-asset risk. Water assets support crop productivity and long-term tenant credit quality.
Read all positive factors
Gladstone Land (LAND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$350.70M
Dividend Yield6.82%
Average Volume (3M)655.22K
Price to Earnings (P/E)―
Beta (1Y)0.44
Revenue Growth7.73%
EPS Growth-217.84%
CountryUS
Employees75
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.72
Shares Outstanding43,136,574
10 Day Avg. Volume562,092
30 Day Avg. Volume655,218
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.50
Price to Sales (P/S)3.78
P/FCF Ratio-1.99K
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$10.50Price Target Upside23.24% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)-0.59
Revenue Forecast (FY)$73.96M
Gladstone Land Business Overview & Revenue Model
Company Description
Established in 1997, Gladstone Land operates as a publicly traded real estate investment trust (REIT) focused on acquiring and owning agricultural land and related properties situated in key farming regions across the United States. It leases thes...
How the Company Makes Money
Gladstone Land makes money primarily by owning farmland and generating rental income from leasing that land to tenant farmers and agricultural operators. Key revenue streams include: (1) Base rental income: Recurring lease payments from tenants un...
Gladstone Land Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed picture: pronounced near-term financial challenges (GAAP net loss, negative AFFO, increased operating expenses, impairments and vacancy) are balanced by strong commodity price momentum for almonds and pistachios, improved operating cash receipts, solid immediate liquidity (~$125M) plus unpledged collateral (~$110M), and defensive balance-sheet positioning (high percentage fixed-rate debt). Management highlighted material upside from higher nut prices expected to flow into Q4 and sensible water and capital strategies, but acknowledged persistent uncertainties around crop yields (particularly pistachios), water availability, tenant nonaccruals, and upcoming loan repricing. Overall, positives and negatives are roughly balanced, with encouraging revenue catalysts ahead but meaningful near-term headwinds still present.Positive Updates
Strong Permanent-Crop Pricing Momentum
Almond prices described as the strongest in ~10 years; pistachio initial 2026 price set at $2.50/lb (up ~66.7% vs prior year) with processors indicating a 2025 final pricing of at least $2.70/lb. Management expects meaningful additional participation revenue to be recognized in Q4 driven by higher nut prices.
Negative Updates
GAAP Net Loss and Continued Negative AFFO
Reported Q2 net loss of ~$8.5M and net loss to common shareholders of ~$13.5M (~$0.32/share). AFFO remains negative at -$1.6M despite improvement versus prior year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Permanent-Crop Pricing Momentum
Almond prices described as the strongest in ~10 years; pistachio initial 2026 price set at $2.50/lb (up ~66.7% vs prior year) with processors indicating a 2025 final pricing of at least $2.70/lb. Management expects meaningful additional participation revenue to be recognized in Q4 driven by higher nut prices.
Read all positive updates
Company Guidance
Guidance from the call emphasized that management expects a meaningful boost to revenue and participation rents concentrated in Q4 as strong 2025 almond and pistachio pricing and bonuses are realized (processor indications: 2025 final pistachio pricing at least $2.70/lb and initial 2026 pricing $2.50/lb, ~2/3 higher vs. prior year, with upside bonuses implied of $0.70–$1.00+/lb); crop insurance remains an important downside hedge. Operationally they noted Q2 adjusted FFO of -$1.6M (-$0.04/share) versus -$3.5M (-$0.10) LY, net loss to common of $13.5M ($0.32/share), year-over-year fixed base cash rents up ~$900k, direct farming profit ~$590k, recurring cash operating expenses up ~$560k, and a one-time ~$700k cash receipt from a nonaccrual tenant. Balance-sheet and liquidity guidance included ~$125M of immediately available capital plus ~$110M unpledged collateral, ~$50M more availability from added unencumbered assets, $14M of ATM issuance at ~5.5% average cost, $13M of preferred repurchases at a 7.2% average yield, repayment of a $3M mortgage post-quarter, >95% of borrowings fixed at a 3.45% weighted average rate for ~2.3 years, ~$33M of maturities and $17M of amortization in the next 12 months, and ~$148M of loans repricing (including ~$130M under MetLife in Jan 2027). Portfolio- and leasing-related guidance: 98,000 acres across 142 farms (water: 56,000 acre‑feet ≈ 18B gallons) in 14 states, no Q2 acquisitions, sale of 2 Florida citrus farms for ~$3M, 6 leases expiring in six months representing ~3.5% of 2026 leasing revenue (management expects renewals), and resolution of vacancies (10 farms) could add ~ $1.5M of annual NOI; management remains disciplined on acquisitions until rates fall and is pursuing alternative revenues (water leases, solar) while watching a recent +3% federal water allocation that modestly eases water pricing pressure.Gladstone Land Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
62
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 88.15M | 88.34M | 85.22M | 90.40M | 89.24M | 75.32M |
| Gross Profit | 9.88M | -5.05M | 79.88M | 86.20M | 86.42M | 72.78M |
| EBITDA | 64.82M | 71.12M | 70.29M | 75.48M | 65.91M | 55.70M |
| Net Income | -11.53M | 13.53M | 13.29M | 14.56M | 4.71M | 3.50M |
Balance Sheet | ||||||
| Total Assets | 1.19B | 1.24B | 1.31B | 1.39B | 1.46B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 22.55M | 27.18M | 18.27M | 18.57M | 61.14M | 16.71M |
| Total Debt | 0.00 | 537.91M | 527.52M | 574.11M | 626.50M | 667.98M |
| Total Liabilities | 519.09M | 568.89M | 625.01M | 667.71M | 725.89M | 762.48M |
| Stockholders Equity | 673.11M | 670.29M | 687.18M | 719.61M | 731.36M | 586.82M |
Cash Flow | ||||||
| Free Cash Flow | 5.11M | -168.00K | 24.35M | 27.28M | 23.66M | 26.26M |
| Operating Cash Flow | 7.87M | 6.99M | 29.55M | 40.08M | 43.79M | 32.38M |
| Investing Cash Flow | 26.45M | 84.07M | 63.31M | -3.77M | -85.48M | -295.00M |
| Financing Cash Flow | -56.18M | -82.16M | -93.15M | -78.88M | 86.13M | 270.11M |
Gladstone Land Technical Analysis
Negative
8.52
Price Trends
8.59
Negative
9.18
Negative
9.44
Negative
Market Momentum
-0.13
Positive
40.02
Neutral
45.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LAND, the sentiment is Negative. The current price of 8.52 is above the 20-day moving average (MA) of 8.41, below the 50-day MA of 8.59, and below the 200-day MA of 9.44, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 40.02 is Neutral, neither overbought nor oversold. The STOCH value of 45.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LAND.
Gladstone Land Risk Analysis
Gladstone Land disclosed 73 risk factors in its most recent earnings report. Gladstone Land reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Gladstone Land Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $7.09B | 28.26 | 6.94% | 3.70% | 9.63% | 3.17% | |
71 Outperform | $3.58B | 60.54 | 3.23% | 4.56% | -4.21% | -28.11% | |
68 Neutral | $1.58B | 12.79 | 7.39% | 12.36% | ― | -3.98% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | $583.36M | -12.34 | -9.81% | 2.86% | 2.69% | 48.87% | |
47 Neutral | $350.70M | -11.40 | -0.87% | 6.57% | 7.73% | -217.84% |
* Real Estate Sector Average
LAND
Gladstone Land
8.19
-0.27
-3.20%
STAG
Stag Industrial
36.94
3.06
9.04%
LXP
LXP Industrial Trust
60.70
21.69
55.60%
IIPR
Innovative Industrial Properties
57.68
10.29
21.71%
ILPT
Industrial Logistics Properties
9.07
3.39
59.74%
Gladstone Land Corporate Events
Executive/Board Changes
Gladstone Land Adds Independent Director to Board
Positive
Jun 2, 2026
Gladstone Land Corporation, a farmland-focused U.S. REIT listed on Nasdaq under the ticker LAND, owns 144 farms spanning roughly 99,000 acres in 14 states and holds substantial water assets in California. The company concentrates on properties tha...
Executive/Board ChangesShareholder Meetings
Gladstone Land Shareholders Approve All 2026 Meeting Proposals
Positive
May 14, 2026
On May 14, 2026, Gladstone Land Corporation held its 2026 Annual Meeting of Stockholders, at which shareholders approved all proposals presented. Investors re-elected David Gladstone and John H. Outland as directors to serve until the 2029 Annual ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.