Gladstone Land
Market Cap
US$297.1m
Last Updated
2020/02/17 00:22 UTC
Data Sources
Company Financials +
Executive Summary
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., which it leases to unrelated third-party farmers.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -19% per year for the next 3 years
Snowflake Analysis
Second-rate dividend payer and overvalued.
Share Price & News
How has Gladstone Land's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: LAND has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
3.2%
LAND
3.0%
US REITs
1.5%
US Market
1 Year Return
12.1%
LAND
16.2%
US REITs
20.1%
US Market
Return vs Industry: LAND underperformed the US REITs industry which returned 16.2% over the past year.
Return vs Market: LAND underperformed the US Market which returned 20.1% over the past year.
Shareholder returns
| LAND | Industry | Market | |
|---|---|---|---|
| 7 Day | 3.2% | 3.0% | 1.5% |
| 30 Day | 4.2% | 4.5% | 1.4% |
| 90 Day | 14.9% | 6.1% | 8.7% |
| 1 Year | 17.1%12.1% | 20.9%16.2% | 22.7%20.1% |
| 3 Year | 29.5%14.3% | 40.7%23.1% | 50.1%40.5% |
| 5 Year | 60.8%28.9% | 57.9%25.3% | 73.1%54.1% |
Price Volatility Vs. Market
How volatile is Gladstone Land's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
One Thing To Remember About The Gladstone Land Corporation (NASDAQ:LAND) Share Price4 months ago | Simply Wall St
Gladstone Land Corporation (NASDAQ:LAND) Goes Ex-Dividend In 4 Days4 months ago | Simply Wall St
Gladstone Land (NASDAQ:LAND) Shareholders Have Enjoyed A 11% Share Price GainValuation
Is Gladstone Land undervalued compared to its fair value and its price relative to the market?
1.17x
Price to Book (PB) ratio
Share Price vs. Fair Value
Below Fair Value: LAND ($14) is trading above our estimate of fair value ($13.19)
Significantly Below Fair Value: LAND is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: LAND is unprofitable, so we can't compare its PE Ratio to the REITs industry average.
PE vs Market: LAND is unprofitable, so we can't compare its PE Ratio to the US market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate LAND's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: LAND is good value based on its PB Ratio (1.2x) compared to the US REITs industry average (2.1x).
Next Steps
Future Growth
How is Gladstone Land forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
-19.0%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: LAND is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: LAND is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: LAND is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: LAND's revenue (18.4% per year) is forecast to grow faster than the US market (7.6% per year).
High Growth Revenue: LAND's revenue (18.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if LAND's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Gladstone Land performed over the past 5 years?
18.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: LAND is currently unprofitable.
Growing Profit Margin: LAND is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: LAND is unprofitable, but has reduced losses over the past 5 years at a rate of 18% per year.
Accelerating Growth: Unable to compare LAND's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: LAND is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (6.9%).
Return on Equity
High ROE: LAND has a negative Return on Equity (-0.11%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Gladstone Land's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: LAND has a high level of physical assets or inventory.
Debt Coverage by Assets: LAND's debt is not covered by short term assets (assets are 0x debt).
Cash Runway Analysis
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: LAND has been profitable on average in the past, therefore cash runway is not a concern.
Forecast Cash Runway: LAND has been profitable on average in the past, therefore cash runway is not a concern.
Financial Institutions Analysis
Asset Level: LAND's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if LAND has a sufficient allowance for bad loans.
Low Risk Liabilities: LAND reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if LAND has an acceptable proportion of non-loan assets held.
Low Risk Deposits: LAND has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if LAND has an appropriate level of bad loans.
Next Steps
Dividend
What is Gladstone Land's current dividend yield, its reliability and sustainability?
3.83%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: LAND's dividend (3.83%) is higher than the bottom 25% of dividend payers in the US market (1.44%).
High Dividend: LAND's dividend (3.83%) is in the top 25% of dividend payers in the US market (3.69%)
Stability and Growth of Payments
Stable Dividend: LAND has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: LAND's dividend payments have increased, but the company has only paid a dividend for 7 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (135.6%), LAND's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: LAND's dividends in 3 years are forecast to be thoroughly covered by earnings (4.1% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
7.3yrs
Average management tenure
CEO
David Gladstone (77yo)
23.1yrs
Tenure
US$57,750
Compensation
Mr. David John Gladstone is the Founder of The Gladstone Companies and has been its Chief Executive Officer and Chairman since inception in 2003. Mr. Gladstone founded Gladstone Commercial Corporation in 2 ...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CFO & Assistant Treasurer | 5.6yrs | US$71.90k | 0.014% $42.6k | |
| Founder | 23.1yrs | US$57.75k | 12.01% $35.7m | |
| Vice Chairman & COO | 13.1yrs | no data | no data | |
| Investor Relations Specialist | 0yrs | no data | no data | |
| Chief Compliance Officer | 7.3yrs | no data | no data | |
| General Counsel & Secretary | 10.3yrs | no data | no data | |
| Managing Director | 6.5yrs | no data | no data | |
| Chief Valuation Officer | 0yrs | no data | no data | |
| Treasurer | 5.1yrs | no data | no data | |
| Assistant General Counsel | 0yrs | no data | no data |
7.3yrs
Average Tenure
57yo
Average Age
Experienced Management: LAND's management team is seasoned and experienced (7.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Founder | 23.1yrs | US$57.75k | 12.01% $35.7m | |
| Vice Chairman & COO | 13.1yrs | no data | no data | |
| Independent Director | 5.3yrs | no data | 0.049% $144.7k | |
| Independent Director | 7.1yrs | no data | 0.0059% $17.4k | |
| Independent Director | 7.1yrs | no data | 0.028% $82.5k | |
| Lead Director | 0yrs | no data | 0.058% $171.7k | |
| Independent Director | 7.1yrs | no data | 0.0088% $26.2k | |
| Independent Director | 5.3yrs | no data | 0.021% $62.9k |
7.1yrs
Average Tenure
74yo
Average Age
Experienced Board: LAND's board of directors are considered experienced (7.1 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 24.8%.
Top Shareholders
Company Information
Gladstone Land Corporation's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Gladstone Land Corporation
- Ticker: LAND
- Exchange: NasdaqGM
- Founded: 1997
- Industry: Specialized REITs
- Sector: Real Estate
- Implied Market Cap: US$297.149m
- Market Cap: US$293.113m
- Shares outstanding: 21.22m
- Website: https://www.gladstonefarms.com
Location
- Gladstone Land Corporation
- 1521 Westbranch Drive
- Suite 100
- McLean
- Virginia
- 22102
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| LAND | NasdaqGM (Nasdaq Global Market) | Yes | Common Stock | US | USD | Jan 2013 |
| 3L4 | BST (Boerse-Stuttgart) | Yes | Common Stock | DE | EUR | Jan 2013 |
| LAND.P | NasdaqGM (Nasdaq Global Market) | RED PFD SER A | US | USD | Aug 2016 |
Biography
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., which it leases to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farms on a quarterly basis, currently owns 103 farms, comprised of approximately 87,000 acres in 10 different states, valued at approximately $876 million. The farms are predominantly located in regions where its tenants are able to 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, apples, figs, olives, pistachios, and other orchards, as well as groves of blueberries and vineyards, which are generally planted every 10 to 20-plus years and harvested annually. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. The Company pays monthly distributions to its stockholders and has paid 81 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 16 times over the prior 58 months, and the current per-share distribution on its common stock is $0.0446 per month, or $0.5352 per year.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/17 00:22 |
| End of Day Share Price | 2020/02/14 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.