Seeking Alpha • Jul 25

Gladstone Land: Why A Dividend Cut Is Likely

Summary Gladstone Land faces rising OpEx, dividend coverage issues, and tenant concentration risks, prompting a revised 'Hold' rating. LAND’s shift to crop-share agreements increased exposure to farm trends and seasonality, further pressuring AFFO and dividend sustainability. I see a necessary dividend reset to $0.30/share and a $6/share price target, reflecting required deleveraging and cost control. Current valuation and risk profile do not justify entry; I await meaningful financial improvements or a lower share price. Read the full article on Seeking Alpha

Seeking Alpha • Mar 25

Baby Bonds, Preferreds, And Helping Investors Afford Retirement

Summary High Yield Investor's Samuel Smith and Scott Kaufman from High Dividend Opportunities discuss why preferred shares and baby bonds are compelling for investors. Key picks for preferreds and baby bonds. Are there risks involved with higher yield? Read the full article on Seeking Alpha

Seeking Alpha • Feb 26

Gladstone Land: You Shouldn't Get 7.5% Yield On Preferreds, Yet Here We Are

Summary Gladstone Land's Q4-2024 performance was disappointing, with a 37% decline in FFO. We value the company primarily via NAV, as farmland is not the best cash flow generator. We like the preferred shares, but we are upgrading the common as well now. Read the full article on Seeking Alpha

Seeking Alpha • Dec 18

Gladstone Land: A Record 5% Dividend Yield From U.S. Farmland

Summary Gladstone Land owns 168 farms and nearly 54,000 acre-feet of water assets, with a 99.5% occupancy rate, but shares have dipped 20% over the last year. The REIT's NAV per share stands at $15.57, trading at a 29% discount, with a 5.04% dividend yield, offering a reasonable margin of safety. Third quarter revenue and cash flows have declined, with NAV per share dropping from $20.33 a year ago due to lower farm valuations and higher long-term borrowing costs. Despite inflation concerns, high-quality farmland's inelastic demand and LAND's unique asset class support a hold rating, with potential near-term dividend yield compression. Read the full article on Seeking Alpha

Seeking Alpha • Nov 24

Gladstone Land: I'm Sticking With The Preferred Shares

Summary Gladstone Land's shift to crop-sharing leases will reduce base rent income in the short term and may boost future profitability. Preferred shares offer better value and safety compared to common shares, with dividends well covered despite high payout ratios. The REIT's balance sheet is improving, but farmland value declines have impacted NAV, making preferred shares more attractive. I recommend avoiding common shares due to weak performance, but preferred shares, especially Series D, present a safer investment. Read the full article on Seeking Alpha

Seeking Alpha • Jul 20

Gladstone Land Offers A 6.65-7% Yield (To Maturity) On Its Preferred Equity

Summary Gladstone Land is a REIT focusing on farmland leasing. Preferred dividends are well covered and the balance sheet is strong with high equity to assets ratio. Series D preferred shares offer a potential yield of 6.65% if called in January 2026. Read the full article on Seeking Alpha

Seeking Alpha • Jun 14

Gladstone Land: Solid Fundamentals Masked By Macro Challenges

Summary Gladstone Land has a dividend yield of 4.3%, paid out to shareholders on a monthly basis. LAND stock owns and leases farmlands across the US. The REIT's solid portfolio mix and fundamentals have been impacted by macro challenges such as higher interest rates and rising costs for tenants. LAND operates on a triple net lease basis, which passes along most of the operating costs to the tenant and increases profit margins for the REIT. Read the full article on Seeking Alpha

Seeking Alpha • Mar 30

Gladstone Land: Speculating On A 7.4% Yield To Mandatory Call On Preferreds

Summary Gladstone Land is a REIT that owns farmland and leases it to farmers, providing a straightforward business model. The REIT remains AFFO positive, generating $5.4M AFFO in Q4 and $20.3M for the full year. The preferred shares of Gladstone Land offer a yield of 7.4% if redeemed in January 2026, or 8.3% if not called. Read the full article on Seeking Alpha

Seeking Alpha • Feb 06

Gladstone Land: Recent Real Estate Transaction Validates Portfolio Value

Summary Gladstone Land is a leading farmland-focused REIT. Owning farmland remains compelling due to low volatility, strong returns, and the potential for consolidation by institutional players. Farmland could serve as an effective hedge against climate change, as changes in climate are expected to increase crop prices and rental income for landowners. Despite LAND's languishing stock price, a recent transaction by Gladstone validates the portfolio's real estate value. Read the full article on Seeking Alpha

Seeking Alpha • Oct 19

Gladstone Land goes ex-dividend tomorrow

Gladstone Land (NASDAQ:LAND) had declared $0.0458/share monthly dividend, 0.4% increase from prior dividend of $0.0456. Payable Oct. 31; for shareholders of record Oct. 21; ex-div Oct. 20. Payable Nov. 30; for shareholders of record Nov. 18; ex-div Nov. 17. Payable Dec. 30; for shareholders of record Dec. 20; ex-div Dec. 19. See LAND Dividend Scorecard, Yield Chart, & Dividend Growth.

Seeking Alpha • Oct 13

Gladstone Land Has Become Interesting Again

Summary LAND owns farmland real estate across the United States, but especially concentrated on the West Coast and Florida. In a recent business update, management revealed that Hurricane Ian did the most damage to its farms in Florida. The Western drought poses a continuous threat to farmland in the region, but LAND's farms do have water access plus a company-owned water bank. LAND's main problem is its higher cost of capital, especially for preferred equity, which it keeps issuing more of for some reason. Thesis: Not Quite "Dirt" Cheap, But Close Gladstone Land (LAND) owns farmland as a real estate investment. In other words, LAND has tenant-farmers actually growing the crops and managing the operations of the farm while they pay rent to LAND, just like any other kind of real estate tenant. As such, LAND provides an interesting way for stock investors to gain exposure to the asset class of farmland, which is normally restricted to the ultra-wealthy or at least accredited investors. LAND also pays a 3% dividend yield with a monthly payout schedule, making it an interesting inflation-hedge option to consider for income-oriented investors. At a price of $18.10, LAND still trades at a 16% premium to its NAV per share of $15.60 as of Q2 2022. While that doesn't sound cheap, it is a lot lower than the 167% premium to NAV the REIT had at its peak price in April! On a cash flow basis, you'd have to go back to early 2021, before inflation took off, to find LAND as cheap as it is today. Data by YCharts I wouldn't quite say that LAND is "dirt" cheap (see what I did there?), but it's a heck of a lot cheaper than it has been anytime in the last year, and it makes an interesting inflation hedge. There are some issues with the company, namely the external management's insistence upon using preferred equity that comes with a high cost rather than some cheaper source of funding. I'd like to see LAND's cost of capital come down substantially before I become gung-ho about the stock, but I still think the selloff has made LAND interesting as a dividend-yielding inflation hedge once again. Update On Gladstone Land As of the middle of 2022, LAND owned 169 farms totaling 114,000 acres along with 45,000 acre-feet (about 14.6 million gallons) of banked water on the West Coast. Rather than row crops like wheat, corn, and soy, these farms mostly grow higher yielding (in the ROI sense) fruits, berries, vegetables, and nuts. LAND Q2 Presentation There are lots of things I like about LAND. Here are some of the highlights: Triple Net Leases. In addition to rent, tenants are responsible for paying all property taxes, insurance, and maintenance expenses. This insulates the landlord (and LAND shareholder) from rising operating costs, such as fertilizer or gasoline. Steady Farmland Appreciation. Farmland has a strong track record of steadily appreciating in value over time. LAND's management asserts that over the last year, its preferred property type has seen about 20% appreciation in value. Internal Rent Growth. Virtually all of LAND's leases feature some form of embedded rent growth or excess revenue participation. In Q2, fixed base rent grew 2%, and recent lease renewals have featured rent growth of nearly 10%. Participation (or percentage) rents are expected to be up substantially this year. Large Investable Universe. LAND estimates that there's about $48 billion worth of top-tier farms growing short-lived row crops and permanent crops across about 9,625 farms. Compare that to LAND's 169 farms worth about $1.5 billion. Healthy Diet Trend. A subset of consumers has become increasingly interested in eating healthier, cleaner, less processed diets. That includes organic foods, which represent about a third of LAND's farmed produce. Renewable Energy Leasing Potential. On the Q2 conference call, CEO David Gladstone mentioned that they are constantly "bombarded" with letters and phone calls asking to use their land for wind or solar installments. While LAND wants to ensure the tenant-farmer's operations are not disrupted, this could present some opportunities to further juice the cash yields on LAND's properties. Aligned Interests. Management owns a little over 9% of LAND common stock, which mostly aligns their interests with those of shareholders. In an October 6th business update, LAND provided the following points of information about the company: Farmland is acting as a strong inflation hedge right now. Through August 2022, the CPI increase 8.3%, but food prices rose 11.4% during that time while "food at home" (which is more pertinent to LAND's crops) rose 13.5%. Meanwhile, US farmland booked total returns of 9.7% for the twelve months ending in June 2022. LAND's portfolio is 100% leased and occupied, and the REIT has collected 97.7% of rents due so far this year, with the full remainder expected to be collected by year-end. During the third quarter, LAND signed lease renewals for six properties in Arizona, California, and Florida at a leasing spread of 9.8% (above the prior rent rate). LAND has $642.7 million in debt, virtually all of which has fixed-rate interest payments at a weighted average rate of 3.26%. This rate, says management, is fixed for the next 5.1 years, thereby sheltering the REIT from the ravages of rapidly rising interest rates. LAND has lots of liquidity and financial flexibility: $45 million in cash, ~$127 million available on the credit facility, and ~$105 million of unencumbered properties available to be mortgaged for an additional cash infusion, if desired. LAND's Florida farms suffered minimal damage from Hurricane Ian. The REIT does not expect to have any delays in rent payments from its Floridian tenants. Notably, the company's two permanent crop farms in the state, both citrus groves, both survived the storm with very little damage to the trees. The Western drought continues to be a problem for Californian farms. Though it hasn't caused any impairment to LAND's properties yet, the broader issue persists and could lead to problems next year if there isn't a good snowpack and rainy season. While land without water access is falling in value, land with water access is rising in value. LAND has been vigilant in buying properties with water sources as well as securing 45,000 acre-feet of banked water in the state last year. They're looking for ways to secure more water for their farms. At the end of the business update, CEO David Gladstone finished by saying: Outside of the almond market, most crops grown on our properties are seeing strong demand and increasing prices that are mostly outpacing the cost increases of growing these crops. As the probability of a recession looks more likely, we expect demand for food and crop pricing to stay strong, with some sectors experiencing exceptionally strong increases. As an overall asset class, farmland investments have historically performed well during recessions. Nearly everyone expects a recession to manifest in the coming year, if it isn't here already, which makes Gladstone's comments interesting. Unlike most other income-generating assets (excluding government bonds), he asserts that farmland actually tends to perform well during recessions. That makes sense, since people still need to eat, even if they've lost their job or have to rein in other spending. The Biggest Drawback The biggest issue for LAND is that its cost of capital is simply too high relative to the initial cash cap rates for permanent crop farms of 5.5-6%. Here's the REIT's capital structure as of Q2 2022: LAND Q2 Presentation As Gladstone admitted in his prepared comments on the Q2 2022 conference call: In the meantime, we're looking for ways to adjust our overall cost of capital to better match the changes that we're seeing in the farmland acquisition market. Our issues is that our preferred stock and our borrowings have both become expensive for current farmland prices and rents. So, Gladstone sees that LAND's cost of capital is too high and said during the last conference call that he'd like to lower it. But then what does LAND do? They go and issue up to $255 million in their new 6%-yielding Series C preferred equity (formerly up to $500 million). This is exactly the same yield as the initial cash yields generated from LAND's Q2-Q3 farm acquisitions. As such, unless other sources of capital are included, the investments made from this preferred equity capital won't immediately be accretive to per-share AFFO growth.

Seeking Alpha • Aug 24

Gladstone Land reduces series C preferred stock offering to $255M

Gladstone Land (NASDAQ:LAND) said Wednesday it amended its $500M continuous offering of its 6% series C cumulative preferred stock. The primary offering was reduced from 20M shares (~$500M) to 10.2M shares (~$255M). The amendment also limits the number of shares to be sold under the dividend reinvestment plan to no more than 200K. The offering of the preferred stock will now terminate on by Dec. 31 or the date when all 10.2M series C preferred shares in the primary offering are sold. LAND so far sold ~$213M of its series C preferred stock since Apr. 3, 2020. "... rising cost of capital, cap rate compression in certain markets, and uncertainty surrounding the economy led to a slowdown in our acquisition activity this year. Thus, we believe it is prudent to slow down fundraising efforts with regard to the series C preferred stock and reduce our overall cost of capital," said LAND CEO David Gladstone. LAND intends to apply to list the series C preferred stock on Nasdaq or another exchange within 1 year of the termination date of the offering.

Snowflake Score
Valuation	3/6
Future Growth	0/6
Past Performance	0/6
Financial Health	3/6
Dividends	4/6

Historical stock prices
Current Share Price	US$8.34
52 Week High	US$13.00
52 Week Low	US$7.92
Beta	1.07
1 Month Change	-1.77%
3 Month Change	-14.29%
1 Year Change	-4.03%
3 Year Change	-49.33%
5 Year Change	-65.05%
Change since IPO	-44.40%

	LAND	US Specialized REITs	US Market
7D	2.8%	1.3%	4.0%
1Y	-4.0%	7.1%	20.7%

LAND volatility
LAND Average Weekly Movement	3.0%
Specialized REITs Industry Average Movement	3.4%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.2%
10% least volatile stocks in US Market	3.1%

LAND fundamental statistics
Market cap	US$359.76m
Earnings (TTM)	-US$29.57m
Revenue (TTM)	US$88.01m

LAND income statement (TTM)
Revenue	US$88.01m
Cost of Revenue	US$25.01m
Gross Profit	US$63.00m
Other Expenses	US$92.57m
Earnings	-US$29.57m

Earnings per share (EPS)	-0.69
Gross Margin	71.58%
Net Profit Margin	-33.61%
Debt/Equity Ratio	70.3%

Gladstone Land dividend dates
Ex Dividend Date	Aug 18 2026
Dividend Pay Date	Aug 31 2026
Days until Ex dividend	9 days
Days until Dividend pay date	22 days

Data	Last Updated (UTC time)
Company Analysis	2026/08/07 19:37
End of Day Share Price	2026/08/07 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Gaurav Mehta	Alliance Global Partners
Nathan Crossett	Berenberg
John Massocca	B. Riley Securities, Inc.

Gladstone Land (LAND) Stock Overview

Rewards

Risk Analysis

Analyst Price Targets

Global Farmland Demand And Water Investment Will Unlock Upside

Lease Shifts Will Squeeze Margins But Reveal Enduring Value

Urban Expansion And Rising Food Demand Will Boost Farmland Appeal

Top Analyst Narratives

Global Farmland Demand And Water Investment Will Unlock Upside

Lease Shifts Will Squeeze Margins But Reveal Enduring Value

Urban Expansion And Rising Food Demand Will Boost Farmland Appeal

Gladstone Land Corporation Competitors

Farmland Partners

Safehold

Four Corners Property Trust

Millrose Properties

Price History & Performance

Recent News & Updates

Dividend of US$0.047 announced

Gladstone Land: Why A Dividend Cut Is Likely

Dividend of US$0.047 announced

Gladstone Land Corporation to Report Q2, 2026 Results on Aug 11, 2026

Upcoming dividend of US$0.047 per share

LAND: Discounted Stock Will Rely On Farm Cash Flows And Prudent Capital

Recent updates

Dividend of US$0.047 announced

Gladstone Land: Why A Dividend Cut Is Likely

Dividend of US$0.047 announced

Gladstone Land Corporation to Report Q2, 2026 Results on Aug 11, 2026

Upcoming dividend of US$0.047 per share

LAND: Discounted Stock Will Rely On Farm Cash Flows And Prudent Capital

Gladstone Land Corporation Announces Appointment of George Chip Stelljes, Iii as Director, Effective June 1, 2026

LAND: Higher Capital Costs And Slower Acquisitions Will Temper Fairly Valued Shares

Dividend of US$0.047 announced

Consensus EPS estimates fall by 32%

Insufficient new directors

LAND: Steady Crop Pricing And Cautious Acquisitions Will Support Future Cash Flows

Gladstone Land Corporation has filed a Follow-on Equity Offering in the amount of $500 million.

LAND: Steady Crop Pricing And Cautious Acquisitions Will Support Future Upside

Gladstone Land Corporation to Report Q1, 2026 Results on May 11, 2026

LAND: Lower Discount Rate And Steady Crop Prices Will Support Shares

Gladstone Land Corporation, Annual General Meeting, May 14, 2026

LAND: Steady Farm Demand And Capital Moves Will Support Future Returns

Gladstone Land Corporation, Gladstone Capital Corporation, Gladstone Commercial Corporation, Gladstone Investment Corporation, and Gladstone Management Corporation Appoint John Sateri as Chief Investment Officer, Effective March 20, 2026

LAND: Steady Farm Demand And Preferred Redemption Will Shape Future Returns

LAND: Higher Costs And Regulation Will Pressure Overvalued Shares Further

LAND: Slower Acquisitions And Lease Risks Will Pressure Overvalued Shares

LAND: Nut Crop Leases And Slower Acquisitions Will Shape Balanced Forward Returns

Gladstone Land Corporation to Report Q4, 2025 Results on Feb 24, 2026

LAND: Nut Crop Upside And Measured Acquisition Pace Will Shape Future Returns

LAND: Rising Nut Crop Pricing Will Support Future Upside Potential

Gladstone Land Corporation to Report Q3, 2025 Results on Nov 05, 2025

Global Farmland Demand And Water Investment Will Unlock Upside

Gladstone Land Corporation to Report Q2, 2025 Results on Aug 07, 2025

Gladstone Land Corporation announces Monthly dividend, payable on May 30, 2025

Gladstone Land Corporation to Report Q1, 2025 Results on May 12, 2025

Lease Adjustments And Farm Sales Will Secure Future Advantage

Baby Bonds, Preferreds, And Helping Investors Afford Retirement

Gladstone Land Corporation, Annual General Meeting, May 08, 2025

Gladstone Land: You Shouldn't Get 7.5% Yield On Preferreds, Yet Here We Are

Gladstone Land Corporation to Report Q4, 2024 Results on Feb 19, 2025

Gladstone Land: A Record 5% Dividend Yield From U.S. Farmland

Gladstone Land Corporation Announces Resignation of Paul W. Adelgren from Board, Effective December 15, 2024

Gladstone Land: I'm Sticking With The Preferred Shares

Gladstone Land Corporation Announces Executive Changes

Gladstone Land Corporation Announces Monthly Cash Distribution for October, November and December 2024

Gladstone Land Corporation to Report Q3, 2024 Results on Nov 06, 2024

Gladstone Land Offers A 6.65-7% Yield (To Maturity) On Its Preferred Equity

Gladstone Land Corporation to Report Q2, 2024 Results on Aug 08, 2024

Gladstone Land: Solid Fundamentals Masked By Macro Challenges

Consensus revenue estimates decrease by 11%, EPS upgraded

Price target decreased by 8.0% to US$16.00

Upcoming dividend of US$0.047 per share

First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

Dividend of US$0.047 announced

Now 21% undervalued after recent price drop

Dividend of US$0.047 announced

Gladstone Land Corporation to Report Q1, 2024 Results on May 07, 2024

Gladstone Land: Speculating On A 7.4% Yield To Mandatory Call On Preferreds

Gladstone Land Corporation, Annual General Meeting, May 09, 2024