Gladstone Land
Leases US farmland to independent farmers under triple-net contracts with monthly distributions.
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Profile
Leases farmland across California, Florida, and a dozen other states to independent farmers under triple-net contracts, paying a distribution every month since its 2013 Nasdaq listing. Externally managed by an adviser controlled by founder David Gladstone, with returns tied to tenant credit, crop economics, and California water regulation.
Owns and leases farmland across California, Florida, and a dozen other states, mixing annual row crops such as berries and vegetables with permanent orchards and vineyards in almonds, pistachios, and grapes, plus banked water rights in California for irrigation security.
Rent comes almost entirely from triple-net leases, where tenants cover taxes, insurance, and upkeep; the company has paid a distribution every month since its 2013 Nasdaq listing. More recently, several permanent-crop leases have shifted from fixed rent toward participation rent tied to the tenant's crop revenue, concentrating earnings around harvest.
Management sits outside the company: an adviser controlled by founder David Gladstone runs day-to-day investment and asset decisions under a long-term contract. Results depend on tenant creditworthiness, vacancy at the handful of repositioned farms, and California's groundwater rules, which shape how much water can be pumped for irrigation.
Company facts
Categories
Key statistics
Year to date −1.6% · Average volume (30d) 676.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| Nov 11, 2025 | Industrial Alliance Securities | Target | $10 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | −$0.26 | −$0.32 | −19.6% | $12.3M | $12.7M | +3.3% | −0.24% |
| May 11, 2026Q1 FY26 | −$0.22 | $0.08 | +136.0% | $14.2M | $16.6M | +16.5% | +0.11% |
| Feb 24, 2026Q4 FY25 | $0.30 | $0.38 | +26.7% | $29.4M | $41.5M | +41.1% | +8.60% |
| Nov 5, 2025Q3 FY25 | −$0.03 | $0.04 | +233.3% | $32.1M | $17.8M | −44.5% | +0.97% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $16.8M | $12.3M | $17.8M | $41.5M | $16.6M | $12.7M | |
| Gross profit | −$3.2M | −$7.7M | −$2.4M | $8.3M | −$8.1M | −$6.4M | |
| Operating income | $3.7M | −$214.0K | $4.8M | $15.7M | $835.0K | −$116.0K | |
| Net income | $15.1M | −$7.9M | $2.1M | $4.2M | −$4.3M | −$8.5M | |
| Diluted EPS | $0.25 | −$0.38 | −$0.11 | −$0.05 | −$0.24 | −$0.32 | |
| Gross margin | -19.3% | -62.5% | -13.4% | 19.9% | -48.9% | -50.2% | |
| Operating margin | 21.9% | -1.7% | 27.0% | 37.9% | 5.0% | -0.9% |
Fiscal years (4-quarter sums)FY21 $75.3M · FY22 $89.2M · FY23 $90.4M · FY24 $85.2M · FY25 $88.3M
Balance sheet, Jun 30, 2026Cash & short-term investments $22.6M · Total debt $492.1M · Total assets $1.19B · Shareholders' equity $673.1M
Dividends
Raised for 11 straight years — most recently to $0.0467 from $0.0466 in Jul 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 18, 2026 | Aug 18 | Aug 31 | $0.0467 | |
| Jul 24, 2026 | Jul 24 | Jul 31 | $0.0467 | |
| Jun 23, 2026 | Jun 23 | Jun 30 | $0.0467 | |
| May 20, 2026 | May 20 | May 29 | $0.0467 | |
| Apr 24, 2026 | Apr 24 | Apr 30 | $0.0467 | |
| Mar 23, 2026 | Mar 23 | Mar 31 | $0.0467 | |
| Feb 18, 2026 | Feb 18 | Feb 27 | $0.0467 | |
| Jan 23, 2026 | Jan 23 | Jan 30 | $0.0467 |
Ownership
Shares outstanding 43.14M · Float 41.75M · 96.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.43M | 7.94% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.08M | 4.82% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.81M | 4.20% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 1.18M | 2.74% | 13F | Aug 12, 2026 |
| State Street Corp | 776.0K | 1.80% | 13F | Aug 7, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Farmland Partners
The other US-listed pure-play farmland REIT — direct acquisition rival.
- Alico
Florida land ownership overlap — operator-heavy model vs leased-out model.
- Rayonier
Rural real-asset REIT capital rival — farmland vs timberland investor pool.
- Weyerhaeuser
Largest US timberland REIT — massive-scale rural real-asset capital rival.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gladstone Land | $8.99 | +0.13% | $386.9M | — | — | 4.4 | +3.2% |
| Farmland Partners | $10.25 | −0.05% | $447.2M | 19.1 | 47.7 | 8.4 | −42.7% |
| Alico | $40.42 | −0.15% | $299.8M | 192.5 | — | 17.6 | +7.8% |
| Rayonier | $20.42 | +0.22% | $3.15B | 42.2 | 34.7 | 3.3 | +272.3% |
| Weyerhaeuser | $23.70 | +0.23% | $17.05B | 35.8 | 56.4 | 2.5 | −0.9% |
| Median | 39.0 | 47.7 | 5.8 | +3.4% |