Gladstone Land Corporation (LAND)

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    29.02 - 30.38

LAND Overview

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Day's Range
52 wk Range
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Dividend (Yield)
Average Vol. (3m)
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1-Year Change
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Next Earnings Date
Feb 22, 2022
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Gladstone Land Corporation Company Profile

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. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 127 farms, comprised of approximately 94,000 acres in 13 different states, valued at approximately $1.0 billion. Gladstone Land's 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 blueberry groves 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 93 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 20 times over the prior 23 quarters, and the current per-share distribution on its common stock is $0.0449 per month, or $0.5388 per year.

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  • The analyst's have been wrong for quite some time. Perhaps they are comparing it to a manufacturing company, or perhaps an apartment REIT. This trips up normally smart people, because one can compare balance sheets and cash flows of say an apartment REIT and side by side to say a LAND, they simply don't understand they are two different animals. An apartment building will deteriorate over 20 years. Will require considerable maintenance and capital expenditures. LAND and farms, do not depreciate like an older property. My contention is LAND should at least sell for same premium to book value which is around 2.25X's book. So fair value is maybe $35 a share ? From there I say LAND deserves a higher premium then average book value. So today if I could buy entire company for a $1Billion, I think it would be a good deal. Today the market only values it at $800Million, so -$200,000,000 undervalued or more. And if you wait and buy at $31-35 a share, you still could outperform property market.
    • People need to eat 🤷
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