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Gladstone Land

Nasdaq:LAND
Snowflake Description

Unattractive dividend payer and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LAND
Nasdaq
$233M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to unrelated third-party farmer-tenants. The last earnings update was 9 days ago. More info.


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LAND Share Price and Events
7 Day Returns
1.9%
NasdaqGM:LAND
0.2%
US REITs
-3.9%
US Market
1 Year Returns
-0.9%
NasdaqGM:LAND
13%
US REITs
1.4%
US Market
LAND Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gladstone Land (LAND) 1.9% 0.7% 1.4% -0.9% 25.3% 12.9%
US REITs 0.2% -1.4% 3.2% 13% 8.8% 24%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • LAND underperformed the REITs industry which returned 13% over the past year.
  • LAND underperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
LAND
Industry
5yr Volatility vs Market

Value

 Is Gladstone Land undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Gladstone Land to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Gladstone Land.

NasdaqGM:LAND Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:LAND
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (155.37%))
1.123
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.123 * 5.96%)
9.42%

Discounted Cash Flow Calculation for NasdaqGM:LAND using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Gladstone Land is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Gladstone Land is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NasdaqGM:LAND DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 9.42%)
2019 8.15 Analyst x1 7.44
2020 10.49 Analyst x2 8.76
2021 10.89 Est @ 3.8% 8.31
2022 11.27 Est @ 3.48% 7.86
2023 11.63 Est @ 3.26% 7.42
2024 11.99 Est @ 3.1% 6.99
2025 12.35 Est @ 2.99% 6.58
2026 12.71 Est @ 2.91% 6.18
2027 13.08 Est @ 2.86% 5.81
2028 13.44 Est @ 2.82% 5.46
Present value of next 10 years cash flows $70.81
NasdaqGM:LAND DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $13.44 × (1 + 2.73%) ÷ (9.42% – 2.73%)
$206.33
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $206.33 ÷ (1 + 9.42%)10
$83.84
NasdaqGM:LAND Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $70.81 + $83.84
$154.65
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $154.65 / 18.46
$8.4
NasdaqGM:LAND Discount to Share Price
Calculation Result
Value per share (USD) From above. $8.40
Current discount Discount to share price of $12.66
= -1 x ($12.66 - $8.40) / $8.40
-50.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Gladstone Land is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Gladstone Land's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gladstone Land's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:LAND PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.12
NasdaqGM:LAND Share Price ** NasdaqGM (2019-05-15) in USD $12.66
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.37x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Gladstone Land.

NasdaqGM:LAND PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:LAND Share Price ÷ EPS (both in USD)

= 12.66 ÷ 0.12

101.98x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gladstone Land is overvalued based on earnings compared to the US REITs industry average.
  • Gladstone Land is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Gladstone Land's expected growth come at a high price?
Raw Data
NasdaqGM:LAND PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 101.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-77.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NasdaqGM:LAND PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 101.98x ÷ -77.5%

-1.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gladstone Land earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Gladstone Land's assets?
Raw Data
NasdaqGM:LAND PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $10.55
NasdaqGM:LAND Share Price * NasdaqGM (2019-05-15) in USD $12.66
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NasdaqGM:LAND PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:LAND Share Price ÷ Book Value per Share (both in USD)

= 12.66 ÷ 10.55

1.2x

* Primary Listing of Gladstone Land.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gladstone Land is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Gladstone Land's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Gladstone Land has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Gladstone Land expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-77.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gladstone Land expected to grow at an attractive rate?
  • Gladstone Land's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Gladstone Land's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Gladstone Land's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:LAND Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:LAND Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -77.5%
NasdaqGM:LAND Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 6.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:LAND Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:LAND Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 38 11 -3 2
2019-12-31 34 11 -3 2
NasdaqGM:LAND Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 35 10 2
2018-12-31 37 10 2
2018-09-30 35 7 3
2018-06-30 34 6 -2
2018-03-31 29 7 0
2017-12-31 25 7 0
2017-09-30 23 8 0
2017-06-30 21 6 0
2017-03-31 19 7 0
2016-12-31 17 8 0
2016-09-30 16 8 1
2016-06-30 14 10 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gladstone Land's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Gladstone Land's revenue is expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:LAND Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Gladstone Land Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:LAND Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 -0.15 -0.03 -0.26 2.00
2019-12-31 -0.15 -0.15 -0.15 1.00
NasdaqGM:LAND Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.12
2018-12-31 0.15
2018-09-30 0.23
2018-06-30 -0.18
2018-03-31 -0.04
2017-12-31 0.00
2017-09-30 0.02
2017-06-30 0.05
2017-03-31 0.04
2016-12-31 0.04
2016-09-30 0.08
2016-06-30 0.10

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Gladstone Land will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Gladstone Land's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Gladstone Land has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Gladstone Land performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Gladstone Land's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Gladstone Land has delivered over 20% year on year earnings growth in the past 5 years.
  • Gladstone Land has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Gladstone Land has become profitable in the last year making it difficult to compare the US REITs industry average.
Earnings and Revenue History
Gladstone Land's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Gladstone Land Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:LAND Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 35.27 2.05 2.92
2018-12-31 36.69 2.25 2.86
2018-09-30 35.47 3.36 3.11
2018-06-30 34.02 -2.45 3.19
2018-03-31 28.62 -0.48 3.22
2017-12-31 25.12 -0.03 3.07
2017-09-30 23.23 0.23 3.16
2017-06-30 21.14 0.49 2.81
2017-03-31 19.38 0.37 2.88
2016-12-31 17.32 0.45 2.50
2016-09-30 15.80 0.74 2.37
2016-06-30 14.42 0.92 2.30
2016-03-31 12.96 0.78 2.08
2015-12-31 11.90 0.57 1.93
2015-09-30 10.84 0.26 2.03
2015-06-30 9.53 0.15 2.01
2015-03-31 8.32 -0.12 1.88
2014-12-31 7.18 -0.13 1.81
2014-09-30 6.02 -1.49 1.74
2014-06-30 5.24 -1.58 1.63
2014-03-31 4.62 -1.25 1.67
2013-12-31 4.04 -1.22 1.49
2013-09-30 3.78 0.33 1.18
2013-06-30 3.63 0.36 0.93
2013-03-31 3.49 0.50 0.59
2012-12-31 3.39 0.60 0.48
2012-09-30 3.26 0.58 0.50
2012-06-30 3.16 0.31 0.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Gladstone Land has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gladstone Land used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Gladstone Land's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gladstone Land's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Gladstone Land has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Gladstone Land's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Gladstone Land's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gladstone Land is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Gladstone Land's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Gladstone Land's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Gladstone Land Company Filings, last reported 1 month ago.

NasdaqGM:LAND Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 194.77 362.29 23.11
2018-12-31 181.05 364.01 14.73
2018-09-30 147.20 344.31 2.93
2018-06-30 135.15 321.43 2.58
2018-03-31 131.97 320.90 2.68
2017-12-31 117.95 328.89 2.94
2017-09-30 118.99 323.17 3.76
2017-06-30 104.48 299.76 2.77
2017-03-31 105.95 268.48 2.47
2016-12-31 87.78 235.00 2.44
2016-09-30 86.55 217.98 2.40
2016-06-30 82.23 180.47 2.08
2016-03-31 83.44 159.73 2.19
2015-12-31 78.01 141.68 2.53
2015-09-30 71.02 140.09 2.70
2015-06-30 71.90 110.46 3.16
2015-03-31 59.17 106.67 2.18
2014-12-31 59.97 86.42 2.62
2014-09-30 59.79 57.35 3.03
2014-06-30 47.06 44.33 3.83
2014-03-31 47.95 41.43 13.55
2013-12-31 48.51 43.15 16.27
2013-09-30 54.33 29.59 39.38
2013-06-30 56.67 29.59 42.41
2013-03-31 58.99 29.59 29.07
2012-12-31 8.14 30.82 0.87
2012-09-30 7.89 31.12 1.21
2012-06-30 7.87 23.31 1.49
  • Gladstone Land's level of debt (186%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (86.5% vs 186% today).
  • Debt is not well covered by operating cash flow (2.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 0.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Gladstone Land's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Gladstone Land has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Gladstone Land's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.22%
Current annual income from Gladstone Land dividends. Estimated to be 4.21% next year.
If you bought $2,000 of Gladstone Land shares you are expected to receive $84 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Gladstone Land's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Gladstone Land's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Upcoming dividend payment

Purchase Gladstone Land before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:LAND Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:LAND Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.54 3.00
2019-12-31 0.53 2.00
NasdaqGM:LAND Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-09 0.534 4.268
2019-01-08 0.533 4.410
2018-10-09 0.533 4.272
2018-07-10 0.532 4.263
2018-04-10 0.532 4.199
2018-01-09 0.531 4.190
2017-10-10 0.529 3.913
2017-07-11 0.528 4.111
2017-04-11 0.522 4.643
2017-01-10 0.516 4.396
2016-10-11 0.510 4.751
2016-07-12 0.495 4.437
2016-04-12 0.495 4.723
2016-01-12 0.480 5.639
2015-10-14 0.480 5.348
2015-07-14 0.480 5.030
2015-04-15 0.480 4.253
2015-01-13 0.420 3.748
2014-10-07 0.360 3.379
2014-07-15 0.360 2.901
2014-04-08 0.360 2.963
2014-01-07 0.360 2.635
2013-10-08 1.440 8.849
2013-07-09 1.440 8.878
2013-04-09 1.440 8.721
2013-02-05 0.480 3.146

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gladstone Land has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Gladstone Land only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Gladstone Land's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Gladstone Land's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Gladstone Land afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gladstone Land has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Gladstone Land's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Gladstone
COMPENSATION $57,750
AGE 76
TENURE AS CEO 22.3 years
CEO Bio

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 Corp. in 2003 and has been its Chief Executive Officer and Chairman since February 14, 2003. Mr. Gladstone has been a Director of Gladstone Commercial Corp. since February 14, 2003. He serves as the Chairman and Chief Executive Officer of Gladstone Management Corporation. Mr. Gladstone is the Founder of Gladstone Land Corporation and has been its Chairman, Chief Executive Officer and President since inception in 1997. Mr. Gladstone founded Gladstone Lending Corp. in December 2009 and has been its Chairman and Chief Executive Officer, since December 2009. Mr. Gladstone additionally serves on the Board of Managers of Gladstone Securities, LLC. He also founded and continues to serves as Chief Executive Officer and Chairman of affiliates, including Gladstone Capital Corporation, Gladstone Investment Corporation, Gladstone Land, Adviser, and Administrator. Mr. Gladstone was the Founder and Managing Member of The Capital Investors, LLC and is a member Emeritus. From 1974 to February 1997, Mr. Gladstone held various positions including the Chairman and Chief Executive Officer at Allied Capital Corp., Allied Capital Corporation II, Allied Capital Lending Corporation and Allied Capital Advisers Inc. From 1991 to 1997, Mr. Gladstone served as the President and Chairman of Allied Capital Commercial Corp. From 1991 to 1997, Mr. Gladstone served the Chairman and President of Allied Capital Commercial Corporation. From 1992 to 1997, he served as the President, Chief Executive Officer and Director of Business Mortgage Investors. He serves as Chairman of Dole Berry Company, LLC and is the Owner and Chairman of B & G Berry Corp. He served as a Trustee of The George Washington University and was a Trustee Emeritus. From August 1997 to August 2001, Mr. Gladstone served as Chairman or Vice Chairman of American Capital Strategies from August 1997 to August 2001. He was the Chairman of American Capital, Ltd. from 1997 to 1998. He served as Director of Capital Automotive REIT. He served as a Director of The Riggs National Corporation, from 1993 to May 1997, as well as at Riggs Bank, from 1991 to 1993. He has co- authored two books on financing for small and medium sized businesses, Venture Capital Handbook and Venture Capital Investing. He holds an M.B.A. Degree from the Harvard Business School, an M.A. from American University and a B.A. in Government and Economics from the University of Virginia.

CEO Compensation
  • Insufficient data for David to compare compensation growth.
  • Insufficient data for David to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Gladstone Land management team in years:

6.5
Average Tenure
56
Average Age
  • The average tenure for the Gladstone Land management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Lewis Parrish

TITLE
CFO & Assistant Treasurer
COMPENSATION
$72K
AGE
39
TENURE
4.8 yrs

David Gladstone

TITLE
Founder
COMPENSATION
$58K
AGE
76
TENURE
22.3 yrs

Terry Brubaker

TITLE
Vice Chairman & COO
AGE
74
TENURE
16.3 yrs

Karin McLaughlin

TITLE
Investor Relations Specialist

Jack Dellafiora

TITLE
Chief Compliance Officer
TENURE
6.5 yrs

Michael LiCalsi

TITLE
General Counsel & Secretary
AGE
48
TENURE
9.6 yrs

Bill Reiman

TITLE
Managing Director
TENURE
5.8 yrs

Jennifer Smith

TITLE
Chief Valuation Officer

Jay Beckhorn

TITLE
Treasurer
AGE
56
TENURE
4.3 yrs

Erich Hellmold

TITLE
Assistant General Counsel
Board of Directors Tenure

Average tenure and age of the Gladstone Land board of directors in years:

6.3
Average Tenure
73
Average Age
  • The tenure for the Gladstone Land board of directors is about average.
Board of Directors

Terry Brubaker

TITLE
Vice Chairman & COO
AGE
74
TENURE
12.3 yrs

Paul Adelgren

TITLE
Lead Director
AGE
75

David Gladstone

TITLE
Founder
COMPENSATION
$58K
AGE
76
TENURE
22.3 yrs

John Outland

TITLE
Director
AGE
73
TENURE
6.3 yrs

Anthony Parker

TITLE
Director
AGE
73
TENURE
6.3 yrs

Caren Merrick

TITLE
Director
AGE
58
TENURE
4.5 yrs

Michela English

TITLE
Director
AGE
68
TENURE
6.3 yrs

Walter Wilkinson

TITLE
Director
AGE
72
TENURE
4.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Gladstone Land insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Mar 19 Buy David Gladstone Individual 14. Mar 19 15. Mar 19 100,000 $12.03 $1,199,608
X
Management checks
We assess Gladstone Land's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Gladstone Land has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Read This Before Judging Gladstone Land Corporation's (NASDAQ:LAND) ROE

We'll use ROE to examine Gladstone Land Corporation (NASDAQ:LAND), by way of a worked example. … Over the last twelve months Gladstone Land has recorded a ROE of 1.5%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Does The Gladstone Land Corporation (NASDAQ:LAND) Share Price Tend To Follow The Market?

If you're interested in Gladstone Land Corporation (NASDAQ:LAND), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Should You Think About Buying Gladstone Land Corporation (NASDAQ:LAND) Now?

received a lot of attention from a substantial price movement on the NASDAQGM over the last few months, increasing to $13.5 at one point, and dropping to the lows of $11.33. … A question to answer is whether Gladstone Land's current trading price of $11.83 reflective of the actual value of the? … Let’s take a look at Gladstone Land’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Should Gladstone Land Be Disappointed With Their 44% Profit?

For example, the Gladstone Land Corporation (NASDAQ:LAND) share price return of 44% over three years lags the market return in the same period. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … So we would expect a higher share price over the period.

Simply Wall St -

Investing In Gladstone Land Corporation (NASDAQ:LAND): What You Need To Know

real estate investment trust (REIT) based in McLean, United States. … In this commentary, I'll take you through some of the things I look at when assessing LAND … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

Does Gladstone Land Corporation's (NASDAQ:LAND) CEO Salary Compare Well With Others?

In 1997 David Gladstone was appointed CEO of Gladstone Land Corporation (NASDAQ:LAND). … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does David Gladstone's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Have Insiders Been Buying Gladstone Land Corporation (NASDAQ:LAND) Shares This Year?

So before you buy or sell Gladstone Land Corporation (NASDAQ:LAND), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … The Last 12 Months Of Insider Transactions At Gladstone Land.

Simply Wall St -

Gladstone Land Corporation (NASDAQ:LAND): What Does Its Beta Value Mean For Your Portfolio?

If you're interested in Gladstone Land Corporation (NASDAQ:LAND), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility).

Simply Wall St -

Is It Too Late To Consider Buying Gladstone Land Corporation (NASDAQ:LAND)?

Gladstone Land Corporation (NASDAQ:LAND), which is in the reits business, and is based in United States,. … As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Let’s take a look at Gladstone Land’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

How Much Of Gladstone Land Corporation (NASDAQ:LAND) Do Insiders Own?

A look at the shareholders of Gladstone Land Corporation (NASDAQ:LAND) can tell us which group is most powerful. … Gladstone Land is not a large company by global standards. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

Company Info

Description

Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to unrelated third-party farmer-tenants. The Company reports the current fair value of its farmland on a quarterly basis; as of December 31, 2018, its estimated net asset value was $12.88 per share. Gladstone Land currently owns 86 farms, comprised of 73,900 acres in 10 different states across the U.S., valued at approximately $620 million. Its acreage is predominantly concentrated in locations where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually; as well as permanent crops, such as almonds, blueberries, and pistachios, which are generally planted every 10 to 20-plus years. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land pays monthly distributions to its stockholders and has paid 72 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution rate on its common stock is $0.04445 per month, or $0.5334 per year.

Details
Name: Gladstone Land Corporation
LAND
Exchange: NasdaqGM
Founded: 1997
$233,177,825
$233,731,692
18,462,219
Website: http://www.GladstoneFarms.com
Address: Gladstone Land Corporation
1521 Westbranch Drive,
Suite 100,
McLean,
Virginia, 22102,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM LAND Common Stock Nasdaq Global Market US USD 29. Jan 2013
BST 3L4 Common Stock Boerse-Stuttgart DE EUR 29. Jan 2013
NasdaqGM LAND.P RED PFD SER A Nasdaq Global Market US USD 12. Aug 2016
Number of employees
Current staff
Staff numbers
0
Gladstone Land employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:17
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.