Gladstone Land (LAND)
NASDAQ:LAND
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Gladstone Land
(NASDAQ:LAND)
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Rating:50Neutral
Price Target:
$10.50
â–²(6.38% Upside)
Action:ReiteratedDate:03/23/26
The score is held back primarily by inconsistent profitability and materially weaker 2025 operating/free cash flow, with additional pressure from weak near-term technicals. These are partially offset by a healthier leverage profile, an above-average dividend yield, and an earnings-call narrative that shows improving quarterly AFFO and solid liquidity but still notable vacancy and repricing risks.
Positive Factors
Stable rental model & portfolio scale
Gladstone Land's core business is long-term farmland leases across a large, diversified portfolio. The scale (≈99k acres, 144 farms, 14 states) supports recurring base rent streams and diversification of tenant/commodity risk, underpinning durable rental cash flows and operational resilience.
Negative Factors
Weak cash generation & earnings volatility
Sharp drop in operating cash flow and a net loss to common highlight earnings and cash volatility driven by timing of crop receipts, lease changes and sales. Reduced cash cushions limit capital deployment, heighten reliance on capital markets, and increase sensitivity to bad harvests or delayed crop proceeds.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable rental model & portfolio scale
Gladstone Land's core business is long-term farmland leases across a large, diversified portfolio. The scale (≈99k acres, 144 farms, 14 states) supports recurring base rent streams and diversification of tenant/commodity risk, underpinning durable rental cash flows and operational resilience.
Read all positive factors
Gladstone Land (LAND) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$409.00M
Dividend Yield6.36%
Average Volume (3M)664.13K
Price to Earnings (P/E)24.7
Beta (1Y)0.46
Revenue Growth-23.25%
EPS Growth-51.02%
CountryUS
Employees70
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.05
Shares Outstanding41,438,408
10 Day Avg. Volume553,272
30 Day Avg. Volume664,134
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 Cap2.25
Enterprise Value/Revenue10.41
Enterprise Value/Gross Profit-182.12
Enterprise Value/Ebitda12.93
Forecast
1Y Price Target
$11.83Price Target Upside19.86% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)-0.45
Revenue Forecast (FY)$76.76M
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:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call conveys a mix of positive operational momentum and manageable liquidity/financial positioning alongside meaningful challenges. Operationally, management highlighted a strong 2025 harvest, resilient nut markets (notably pistachios), realized gains from property sales, improved Q4 AFFO, and solid liquidity & low fixed-rate debt. Offsetting these positives are full-year pressures including a net loss to common shareholders, a year-over-year decline in full-year AFFO, substantial reductions in fixed base rents due to lease restructuring, tenancy/vacancy issues, timing-related cash flow weakness, and exposure to upcoming loan repricings. Management is taking proactive actions (preferred redemption, ATM raises, targeted sales) and expects additional crop-related cash flows in 2026, but elevated cost of capital limits near-term acquisition activity. Overall, positives and negatives are roughly balanced.Positive Updates
Strong Q4 Adjusted FFO Performance
Adjusted FFO (AFFO) for Q4 was $14.4M or $0.38 per share, up from $3.4M or $0.09 per share in the year-ago quarter (≈+322% per share), reflecting improved quarter-end operating results and higher participation rents.
Negative Updates
Full-Year Net Loss to Common Shareholders
For the year, recorded net income of $13.5M but a net loss to common shareholders of $10.5M or $0.29 per share, indicating distribution/attribution and noncontrolling impacts that weighed on common returns.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Adjusted FFO Performance
Adjusted FFO (AFFO) for Q4 was $14.4M or $0.38 per share, up from $3.4M or $0.09 per share in the year-ago quarter (≈+322% per share), reflecting improved quarter-end operating results and higher participation rents.
Read all positive updates
Company Guidance
Management's guidance emphasized liquidity, timing of crop proceeds, cautious deployment of capital, and portfolio actions: they sold 6 properties in 2025 for ~$95M of proceeds with ~ $21M aggregate gains, still own ~99,000 acres across 144 farms (≈56,000 acre‑feet ≈18 billion gallons) in 14 states with water assets in California, executed 5 lease renewals this quarter (two row‑crop renewals up ~7%), have 5 leases expiring over the next six months representing ~3.6% of 2025 lease revenue, and currently report 9 wholly/partially vacant farms (4 direct‑operated); financially Q4 net income was ~$4.2M (net loss to common $1.8M, $0.05/sh), FY net income ~$13.5M (net loss to common $10.5M, $0.29/sh), AFFO was $14.4M/$0.38 in Q4 (vs $3.4M/$0.09 LY) and $14.4M/$0.39 for the year (vs $16.0M/$0.47 LY), fixed base cash rents fell ~$1.9M in the quarter (~$19.8M FY) while participation rents rose ~$9.3M Q (~$10.6M FY), net crop profit from direct‑operated farms was ~$2.6M, and termination‑related revenue totaled ~$4.4M ($2M in Q4); liquidity and capital posture includes ~ $85M of immediately available capital, >$185M of unpledged properties, ~98% of borrowings fixed at a 3.39% weighted average rate for ~2.7 years, ~$17M of scheduled principal in the next 12 months, ~ $160M of loans scheduled to reset (including $135M MetLife repricing Jan‑2027), ~ $50M raised via ATM since Q4 (~$33M this quarter) used largely to redeem Series D (avoiding a coupon step‑up from 5% to 8%), a ~$10M LOC balance at 5.69%, and a declared monthly dividend of $0.0467 (annualized ≈$0.56, ~4.9% yield at $11.51); operationally management expects additional 2025 pistachio proceeds in 2026 (management estimates at least ~$3M from marketing bonuses, citing a $0.50/lb processor bonus), sees ample California water and attractive Article‑21 water pricing (~$50–$80/acre‑ft), anticipates interest expense ~10–15% lower in Q1, and will remain disciplined on acquisitions while considering using future sale proceeds to pay down debt and repurchase higher‑cost preferred stock.Gladstone Land Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
60
Neutral
Cash Flow
42
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 88.34M | 85.22M | 90.40M | 89.24M | 75.32M |
| Gross Profit | -5.05M | 79.88M | 86.20M | 86.42M | 72.78M |
| EBITDA | 71.12M | 70.29M | 75.48M | 65.91M | 55.70M |
| Net Income | 13.53M | 13.29M | 14.56M | 4.71M | 3.50M |
Balance Sheet | |||||
| Total Assets | 1.24B | 1.31B | 1.39B | 1.46B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 27.18M | 18.27M | 18.57M | 61.14M | 16.71M |
| Total Debt | 537.91M | 527.52M | 574.11M | 626.50M | 667.98M |
| Total Liabilities | 568.89M | 625.01M | 667.71M | 725.89M | 762.48M |
| Stockholders Equity | 670.29M | 687.18M | 719.61M | 731.36M | 586.82M |
Cash Flow | |||||
| Free Cash Flow | -168.00K | 24.35M | 27.28M | 23.66M | 26.26M |
| Operating Cash Flow | 6.99M | 29.55M | 40.08M | 43.79M | 32.38M |
| Investing Cash Flow | 84.07M | 63.31M | -3.77M | -85.48M | -295.00M |
| Financing Cash Flow | -82.16M | -93.15M | -78.88M | 86.13M | 270.11M |
Gladstone Land Technical Analysis
Negative
9.87
Price Trends
10.95
Negative
10.00
Negative
9.57
Positive
Market Momentum
-0.27
Positive
30.22
Neutral
2.05
Positive
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 9.87 is below the 20-day moving average (MA) of 11.29, below the 50-day MA of 10.95, and above the 200-day MA of 9.57, indicating a neutral trend. The MACD of -0.27 indicates Positive momentum. The RSI at 30.22 is Neutral, neither overbought nor oversold. The STOCH value of 2.05 is Positive, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.43B | 11.59 | 6.29% | 13.07% | -11.22% | -24.64% | |
71 Outperform | $6.89B | 25.24 | 7.85% | 4.02% | 9.62% | 31.08% | |
68 Neutral | $2.72B | 25.58 | 5.49% | 5.33% | 6.98% | 465.32% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
51 Neutral | $378.59M | -5.52 | -12.96% | 2.20% | 1.08% | 14.30% | |
50 Neutral | $409.00M | 24.69 | 2.01% | 6.36% | -23.25% | -51.02% |
* Real Estate Sector Average
LAND
Gladstone Land
9.87
-0.06
-0.58%
STAG
Stag Industrial
36.09
0.95
2.71%
LXP
LXP Industrial Trust
46.12
4.20
10.02%
IIPR
Innovative Industrial Properties
50.95
0.47
0.92%
ILPT
Industrial Logistics Properties
5.68
2.34
70.31%
Gladstone Land Corporate Events
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...
Business Operations and StrategyDelistings and Listing Changes
Gladstone Land Redeeming and Delisting Series D Preferred
Neutral
Jan 6, 2026
On January 6, 2026, Gladstone Land Corporation announced it would redeem all outstanding shares of its 5.00% Series D Cumulative Term Preferred Stock at a redemption price of $25.100695 per share, including accrued and unpaid dividends through but...
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.