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NASDAQ · REAL ESTATE INVESTMENT TRUSTS · SMALL CAP

Gladstone Land Corp. LAND

15 fiscal years on record · USD · FY2025 reported · SEC filings only
3 YEARS OF DIVIDEND GROWTH
$88.3M
▲ 3.7% YoY
$13.5M
▲ 1.8% YoY
$-168,000
▼ 100.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

We are an externally-managed, agricultural real estate investment trust (“REIT”) that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. We currently own 144 farms totaling 98,688 acres across 14 states in the U.S. and 55,532 acre-feet of water assets in California. We are managed by our external adviser, Gladstone Management Corporation (the “Adviser”), and Gladstone Administration, LLC (the “Administrator”), provides administrative services to us. Upon the pricing of our initial public offering (the “IPO”), on January 29, 2013, our shares of common stock began trading on the Nasdaq Global Market (“Nasdaq”) under the symbol “LAND.” Our principal business objective is to maximize stockholder returns through a combination of: (i) monthly cash distributions to our stockholders, which we hope to sustain and increase through long-term growth in cash flows from increased rents (including participation rents); (ii) appreciation of our land; and (iii) capital gains derived from the sale of our properties.

Written from the business description in Gladstone Land Corporation's annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth

USD 88.3M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 88.3 · Net income 13.5
40M80M
201120142017202020232025
Compound annual growth
−0.3%
+9.1%
+22.2%
+42.2%
+22.4%
+37.3%
+13.3%
+2.7%
+11.2%
+17.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +9.1% a year over the five years to FY2025 — but profit grew faster: net income at +22.4%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

15 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating · · Net 15.3%
20%40%-10%-20%-30%
201120182025
ROE
FY2025 · ROE 2.0%
2%4%6%-2%-4%
201120182025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Each USD of equity produced 2 cents of profit this year.

Cash & shareholders

USD 20.5M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -0.2
10M20M-100M-200M
201120182025
Net buybacks $M Dividends $M
FY2025 · Dividends 20.5 · Net buybacks ·
10M20M
20112014201620182020202220242025

USD 20.5M in dividends — 151% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 1.2B
EquityUSD 670.3M
CashUSD 27.2M
Gross debtUSD 473.6M
Net debtUSD 446.5M

Net debt stands at 67% of equity.

The 15-year record

15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
LAND, 15-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B0.10.10.10.10.10.10.00.00.00.00.00.00.00.00.0
Operating income $B◌◌◌◌◌◌◌◌0.00.00.00.00.00.00.0
EBITDA $B◌◌◌◌◌◌◌◌0.00.00.00.00.00.00.0
Income tax $B◌◌◌◌◌◌◌◌◌0.00.00.00.00.00.0
Net income $B0.00.00.00.00.00.00.00.0−0.00.00.0−0.0−0.00.00.0
Free cash flow $B−0.00.00.00.00.0−0.2−0.2−0.1−0.1−0.1−0.1−0.1−0.0−0.0−0.0
EPS, diluted $−0.29−0.29−0.28−0.43−0.29−0.20−0.130.150.000.040.07−0.02−0.200.220.00
Dividend / sh $◌◌◌◌◌◌◌◌0.520.490.470.361.49◌0.37
Payout %151151136401472244601315−205451106713−1965−794—16361
ROE %2.01.92.00.70.71.50.81.8−0.00.60.8−0.2−4.37.70.1
Shares out B0.040.040.040.040.030.030.020.020.010.010.010.010.010.00◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 42 reconciliationsAUDITED

Reconciled in 15 of the 15 fiscal years we could check. Seven checks were skipped: cost of revenue is not tagged before 2014. Five checks were skipped: the balance sheet is not tagged before 2012. Four checks were skipped: EPS is not tagged before 2011.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNASDAQ
Incorporated inMaryland
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2011

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