Gladstone Land (LAND)
NASDAQ:LAND
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Gladstone Land
(NASDAQ:LAND)
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Rating:48Neutral
Price Target:
$9.50
â–¼(-7.77% Downside)
Action:Reiterated
Date:05/15/26
The score is held down primarily by weakened financial performance (sharp TTM revenue decline, return to net losses, and volatile cash flow) and bearish technicals (below key moving averages with negative MACD). These are partially offset by an attractive dividend yield and an earnings-call picture of solid liquidity and largely fixed-rate debt, though near-term tenant/vacancy and repricing risks remain significant.
Positive Factors
Large farmland & water asset base
Gladstone Land’s ~99,000 acres and substantial water holdings create a durable hard-asset moat in Western U.S. agriculture. Water security and scale support tenant demand, provide operational optionality, and underpin long-term rental income and portfolio value resilience.
Negative Factors
Sharp revenue decline & GAAP losses
A near 29% TTM revenue decline and a move to GAAP net losses materially reduce internally generated funds. Persisting top-line weakness constrains reinvestment, raises reliance on equity/debt raises for growth, and pressures dividend coverage and long-term payout sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Large farmland & water asset base
Gladstone Land’s ~99,000 acres and substantial water holdings create a durable hard-asset moat in Western U.S. agriculture. Water security and scale support tenant demand, provide operational optionality, and underpin long-term rental income and portfolio value resilience.
Read all positive factors
Gladstone Land (LAND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$407.21M
Dividend Yield6.36%
Average Volume (3M)578.34K
Price to Earnings (P/E)―
Beta (1Y)0.43
Revenue Growth7.73%
EPS Growth-217.84%
CountryUS
Employees70
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)-0.78
Shares Outstanding43,136,574
10 Day Avg. Volume610,896
30 Day Avg. Volume578,339
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 Cap2.20
Enterprise Value/Revenue10.16
Enterprise Value/Gross Profit-90.39
Enterprise Value/Ebitda16.99
Forecast
1Y Price Target
$10.88Price Target Upside5.58% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)-0.52
Revenue Forecast (FY)$75.27M
Gladstone Land Business Overview & Revenue Model
Company Description
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 farm...
How the Company Makes Money
Gladstone Land makes money primarily by generating rental income from leasing its farmland and related agricultural real estate to tenant farmers and operators. Its core revenue stream is base rent paid under lease contracts (often structured as l...
Gladstone Land Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call presented a mix of constructive operational and balance-sheet developments alongside material near-term challenges. Positive operational items include a strong 2025 harvest, early recognition of a pistachio marketing bonus, improved AFFO, solid immediate liquidity (~$150M) and successful preferred repurchases that have reduced leverage. However, these were balanced by notable negatives: a Q1 GAAP net loss (net loss to common ~$10M), tenant delinquencies and nonaccruals, eight vacant farms, decreased fixed-base rent revenue (~$2.4M), increased operating and legal costs, uncertainty around 2026 pistachio yields due to a bloom heat event, and a meaningful amount of loans ($155M) that will reprice within the next year. Given the roughly balanced set of clear financial/operational positives and significant risks/uncertainties, the overall tone is cautious with signs of stabilization but material short-term headwinds remain.Positive Updates
Strong 2025 Harvest and Early Pistachio Bonus
2025 harvest came in very strong with almond and pistachio yields meeting or exceeding expectations. An early pistachio marketing bonus was received (early payment equated to about $0.50/lb), driving participation rents up about $4.4M and contributing to ~$1.9M net income from crop sales in Q1.
Negative Updates
Reported Net Loss and Loss to Common Shareholders
Recorded a Q1 net loss of about $4.3M and a net loss to common shareholders of approximately $10M (≈$0.24 per share), indicating short-term GAAP earnings pressure.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong 2025 Harvest and Early Pistachio Bonus
2025 harvest came in very strong with almond and pistachio yields meeting or exceeding expectations. An early pistachio marketing bonus was received (early payment equated to about $0.50/lb), driving participation rents up about $4.4M and contributing to ~$1.9M net income from crop sales in Q1.
Read all positive updates
Company Guidance
Management guided that Gladstone Land holds roughly 99,000 acres across 144 farms with about 56,000 acre‑feet (>18 billion gallons) of water (all in California), and reported Q1 results of a $4.3M net loss (net loss to common $10M, $0.24/sh) but AFFO of $3.1M ($0.08/sh) versus $2.0M ($0.06) a year ago; Q1 net income from crop sales on direct‑operated farms was ~$1.9M, participation rents increased ~ $4.4M while fixed‑base cash rents declined ~ $2.4M and recurring cash operating expenses rose ~ $0.75M. Liquidity and capital items highlighted: about $150M of immediately available capital, >$110M of unpledged properties, roughly $50M raised via the ATM program YTD, adding unencumbered properties increased available liquidity by ~$50M, redemption of Series D and >$6M of preferred repurchases at an average repurchase yield of 7.4% (total gain ≈$700k). Balance‑sheet metrics include ~99% fixed‑rate borrowings with a weighted‑average rate of 3.41% locked for ~2.5 years, ~$17M of scheduled principal amortization over 12 months (<4% of total debt) and ~ $155M of loans that will reprice within a year (including ~$133M under the MetLife facility repricing Jan 2027). Operational guidance: 5 leases expire in the next 6 months representing ~4% of YTD lease revenue, 8 farms are wholly or partially vacant (4 tenants currently on cash‑basis recognition), management may sell 2–5 farms, they received an early pistachio marketing bonus ≈$0.50/lb (vs $0.90/lb last year) with the remainder expected in Q4, and management expects 2026 minimum pistachio pricing to be significantly higher than 2025.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 | 88.09M | 88.34M | 85.22M | 90.40M | 89.24M | 75.32M |
| Gross Profit | -9.90M | -5.05M | 79.88M | 86.20M | 86.42M | 72.78M |
| EBITDA | 52.69M | 71.12M | 70.29M | 75.48M | 65.91M | 55.70M |
| Net Income | -5.88M | 13.53M | 13.29M | 14.56M | 4.71M | 3.50M |
Balance Sheet | ||||||
| Total Assets | 1.20B | 1.24B | 1.31B | 1.39B | 1.46B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 8.62M | 27.18M | 18.27M | 18.57M | 61.14M | 16.71M |
| Total Debt | 488.23M | 537.91M | 527.52M | 574.11M | 626.50M | 667.98M |
| Total Liabilities | 515.39M | 568.89M | 625.01M | 667.71M | 725.89M | 762.48M |
| Stockholders Equity | 688.33M | 670.29M | 687.18M | 719.61M | 731.36M | 586.82M |
Cash Flow | ||||||
| Free Cash Flow | 6.24M | -168.00K | 24.35M | 27.28M | 23.66M | 26.26M |
| Operating Cash Flow | 11.82M | 6.99M | 29.55M | 40.08M | 43.79M | 32.38M |
| Investing Cash Flow | 23.63M | 84.07M | 63.31M | -3.77M | -85.48M | -295.00M |
| Financing Cash Flow | -69.75M | -82.16M | -93.15M | -78.88M | 86.13M | 270.11M |
Gladstone Land Technical Analysis
Negative
10.30
Price Trends
10.09
Negative
10.27
Negative
9.52
Positive
Market Momentum
-0.19
Negative
43.89
Neutral
40.52
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 10.3 is above the 20-day moving average (MA) of 9.59, above the 50-day MA of 10.09, and above the 200-day MA of 9.52, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 43.89 is Neutral, neither overbought nor oversold. The STOCH value of 40.52 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.62B | 10.70 | 6.41% | 13.07% | -13.63% | -24.40% | |
71 Outperform | $7.32B | 27.77 | 6.95% | 4.02% | 9.98% | -2.19% | |
66 Neutral | $3.08B | -2,814.46 | 4.61% | 5.33% | -3.81% | 52.53% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
55 Neutral | $565.32M | -9.97 | -10.91% | 2.20% | 2.57% | 42.59% | |
48 Neutral | $407.21M | -24.20 | -0.87% | 6.36% | 7.73% | -217.84% |
* Real Estate Sector Average
LAND
Gladstone Land
9.53
0.48
5.29%
STAG
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38.09
5.29
16.12%
LXP
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51.99
13.25
34.21%
IIPR
Innovative Industrial Properties
56.39
8.41
17.52%
ILPT
Industrial Logistics Properties
8.68
5.71
191.86%
Gladstone Land Corporate Events
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 ...
Business Operations and StrategyPrivate Placements and Financing
Gladstone Land Updates ATM Program for Flexible Equity Issuance
Positive
Apr 24, 2026
On April 24, 2026, Gladstone Land Corporation and its operating partnership entered into amended and restated Equity Distribution Agreements with Virtu Americas LLC and Lucid Capital Markets, LLC, allowing the company to sell up to $500 million of...
Business Operations and StrategyExecutive/Board Changes
Gladstone Land Names John Sateri Chief Investment Officer
Positive
Mar 23, 2026
On March 20, 2026, Gladstone Land Corporation appointed longtime executive John Sateri as its Chief Investment Officer, effective immediately, while simultaneously naming him CIO of Gladstone Capital, Gladstone Commercial, Gladstone Investment, an...
Business Operations and Strategy
Gladstone Land Reclassifies Preferred Stock to Common Shares
Neutral
Mar 13, 2026
On March 12, 2026, Gladstone Land Corporation reclassified 1,185,000 authorized but unissued shares of its 5.00% Series D Cumulative Term Preferred Stock into additional shares of common stock. Following this move, the company’s authorized c...
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.