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Gladstone Land Series C Preferred: Sustaining Pari Passu Arbitrage With A 25% Upside To Call
Gladstone Land Series C Preferred: Sustaining Pari Passu Arbitrage With A 25% Upside To Call
Gladstone Land: The Preferreds Make More Sense For Dividend Portfolios
Gladstone Land: The Preferreds Make More Sense For Dividend Portfolios
These 8 Income Investments Pay Me Every Month
I am a fan of monthly dividends, because they provide income stability and slightly increase the speed of compounding. I highlight eight monthly dividend payers that I consider to be high-quality investments with sustainable payouts. Monthly dividends are great, but not at the expense of the quality of assets, management, and balance sheet. Those factors are more important.
Gladstone Land: American Farmland At A Discount, 3.8% Yield
Gladstone Land's stock has dipped 22% year-to-date but is still at a higher FFO multiple compared to other non-farm equity REITs. The REIT's management estimates the underlying value of its assets to be approximately $1.6 billion, while the market cap is only $520 million. LAND has a diversified portfolio of farmland leased to 90 different tenant farmers and pays out a monthly dividend with a 3.8% annualized yield.
Gladstone Land: Series B Preferreds Provide A Highly Tax-Advantaged 8.1% Yield
Investors are concerned about extreme interest rate volatility, geopolitical tensions, and dysfunction in the US Congress. Gladstone Land Corporation is an equity REIT that owns a diverse portfolio of farms and has steady growth in FFO/share. The company's preferred shares, particularly LANDO, offer a high yield and potential tax advantages for investors.
Gladstone Land Corporation (LAND) Q2 2023 Earnings Call Transcript
Gladstone Land Corporation (NASDAQ:LAND ) Q2 2023 Earnings Conference Call August 8, 2023 8:30 AM ET Company Participants David Gladstone - Chairman, CEO and President Michael LiCalsi - General Counsel and Secretary Lewis Parrish - CFO and Assistant Treasurer Conference Call Participants Rob Stevenson - Janney Montgomery Edwin Najarian - EF Hutton Operator Greeting and welcome to the Land Corporation Second Quarter Earnings Conference Call. At this time all participants are in a listen-only mode.
One Single New Preferred Stock IPO This Month
Tightening financial conditions have led to a significant decrease in preferred stock and ETD offering activity, with only one new preferred stock offered in May. Allstate issued non-cumulative perpetual preferred shares with a fixed 7.375% dividend rate, while Gladstone Investment Corporation offered $65 million worth of 8% senior notes due 2028. CDx3 preferred stocks ranked 10 out of 10 are selling at an average discount to par of about 7.4% and offer an average current yield of 6.37%.
LANDO Financial details
LANDO Financial Performance
Yearly Fundamentals Overview
Last date of statement is 2023-12-31
Metric | History | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 2.08 | 2.56 | 2.48 | 2.58 | 2.53 | |
Net income per share | -0.7 | -0.71 | -0.68 | -0.61 | 0.41 | |
Operating cash flow per share | 1.09 | 1.12 | 1.07 | 1.27 | 1.12 | |
Free cash flow per share | 0.46 | 0.38 | 0.86 | 0.68 | 0.76 | |
Cash per share | 0.7 | 0.41 | 0.55 | 2.03 | 0.52 | |
Book value per share | 14.11 | 17.24 | 19.33 | 21.16 | 20.14 | |
Tangible book value per share | 13.99 | 17.08 | 19.26 | 21 | 20 | |
Share holders equity per share | 14.11 | 17.24 | 19.33 | 21.16 | 20.14 | |
Interest debt per share | 25.42 | 28.96 | 22.82 | 18.87 | 16.73 | |
Market cap | 254.24M | 325.86M | 1.02B | 634.24M | 516.35M | |
Enterprise value | 722.49M | 940.7M | 1.68B | 1.2B | 1.07B | |
P/E ratio | -18.56 | -20.72 | -49.87 | -30.17 | 35.45 | |
Price to sales ratio | 6.25 | 5.71 | 13.61 | 7.11 | 5.71 | |
POCF ratio | 11.9 | 13.03 | 31.65 | 14.48 | 12.88 | |
PFCF ratio | 28 | 38.37 | 39.03 | 26.8 | 18.93 | |
P/B Ratio | 0.92 | 0.85 | 1.75 | 0.87 | 0.72 | |
PTB ratio | 0.92 | 0.85 | 1.75 | 0.87 | 0.72 | |
EV to sales | 17.75 | 16.49 | 22.25 | 13.44 | 11.86 | |
Enterprise value over EBITDA | 23.16 | 21.22 | 28.81 | 17.2 | 15.04 | |
EV to operating cash flow | 33.81 | 37.63 | 51.77 | 27.4 | 26.74 | |
EV to free cash flow | 79.57 | 110.78 | 63.84 | 50.7 | 39.3 | |
Earnings yield | -0.05 | -0.05 | -0.02 | -0.03 | 0.03 | |
Free cash flow yield | 0.04 | 0.03 | 0.03 | 0.04 | 0.05 | |
Debt to equity | 1.74 | 1.63 | 1.14 | 0.86 | 0.8 | |
Debt to assets | 0.59 | 0.58 | 0.49 | 0.43 | 0.41 | |
Net debt to EBITDA | 15.01 | 13.87 | 11.2 | 8.11 | 7.79 | |
Current ratio | 1.1 | 0.79 | 1.1 | 2.95 | 5.02 | |
Interest coverage | 1.13 | 1.34 | 1.24 | 1.33 | -0.22 | |
Income quality | 12.13 | 5.05 | 9.21 | 9.28 | 2.75 | |
Dividend Yield | 0.06 | 0.06 | 0.03 | 0.06 | 0.09 | |
Payout ratio | -1.03 | -1.34 | -1.42 | -1.76 | 3.1 | |
Sales general and administrative to revenue | 0.13 | 0.14 | 0.13 | 0.15 | 0.15 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0.01 | 0 | 0 | 0 | 0 | |
Capex to operating cash flow | -0.58 | -0.66 | -0.19 | -0.46 | -0.32 | |
Capex to revenue | -0.3 | -0.29 | -0.08 | -0.23 | -0.14 | |
Capex to depreciation | -0.96 | -0.99 | -0.22 | -0.57 | -0.34 | |
Stock based compensation to revenue | 0 | 0 | 0 | 0 | 0 | |
Graham number | 14.89 | 16.56 | 17.16 | 17.02 | 13.59 | |
ROIC | -0.19 | -0.09 | -0.14 | -0.11 | 0 | |
Return on tangible assets | -0.02 | -0.01 | -0.02 | -0.01 | 0.01 | |
Graham Net | -26.74 | -30.29 | -24.57 | -18.97 | -17.03 | |
Working capital | 1.29M | -2.45M | 1.51M | 40.41M | 57.83M | |
Tangible asset value | 274.14M | 380.06M | 584.61M | 725.66M | 714.83M | |
Net current asset value | -524.13M | -674.28M | -745.78M | -664.75M | -595.51M | |
Invested capital | 1.74 | 1.63 | 1.14 | 0.86 | 0.8 | |
Average receivables | 0 | 0 | 0 | 0 | 9.29M | |
Average payables | 9.64M | 9.61M | 9.98M | 13.57M | 13.28M | |
Average inventory | 0 | 0 | 0 | 0 | 26.81M | |
Days sales outstanding | 0 | 0 | 0 | 0 | 74.98 | |
Days payables outstanding | 1.5K | 1.79K | 1.57K | 2.11K | 894.73 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 4.66K | |
Receivables turnover | 0 | 0 | 0 | 0 | 4.87 | |
Payables turnover | 0.24 | 0.2 | 0.23 | 0.17 | 0.41 | |
Inventory turnover | 0 | 0 | 0 | 0 | 0.08 | |
ROE | -0.05 | -0.04 | -0.04 | -0.03 | 0.02 | |
Capex per share | -0.63 | -0.74 | -0.2 | -0.58 | -0.36 |
Quarterly Fundamentals Overview
Last date of statement is 2023-12-31 for Q4
Metric | History | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 0.72 | 0.6 | 0.59 | 0.66 | 0 | |
Net income per share | -0.15 | 0.01 | 0.22 | 0.09 | 0 | |
Operating cash flow per share | 0.6 | 0.13 | 0.5 | 0 | 0 | |
Free cash flow per share | 0.48 | 0.05 | 0.42 | -0.12 | 0 | |
Cash per share | 2.03 | 1.3 | 1.59 | 0.99 | 0 | |
Book value per share | 21.13 | 20.67 | 20.57 | 20.42 | 0.02 | |
Tangible book value per share | 20.97 | 20.52 | 20.43 | 20.28 | 0.02 | |
Share holders equity per share | 21.13 | 20.67 | 20.57 | 20.42 | 0.02 | |
Interest debt per share | 18.28 | 17.02 | 16.79 | 16.14 | 0.02 | |
Market cap | 635.05M | 591.86M | 581.21M | 509.75M | 516.35B | |
Enterprise value | 1.2B | 1.15B | 1.13B | 1.07B | 516.91B | |
P/E ratio | -30.64 | 584.85 | 18.5 | 40.57 | 70.97K | |
Price to sales ratio | 25.62 | 27.92 | 27.4 | 21.66 | 21.12K | |
POCF ratio | 30.66 | 125.55 | 32.54 | 6.37K | 29.63K | |
PFCF ratio | 38.12 | 321.14 | 38.64 | -121.17 | 35.37K | |
P/B Ratio | 0.87 | 0.81 | 0.79 | 0.7 | 717.54 | |
PTB ratio | 0.87 | 0.81 | 0.79 | 0.7 | 717.54 | |
EV to sales | 48.42 | 54.34 | 53.12 | 45.42 | 21.14K | |
Enterprise value over EBITDA | 67.36 | 62.53 | 68.41 | 115.63 | 28.51K | |
EV to operating cash flow | 57.95 | 244.42 | 63.08 | 13.36K | 29.67K | |
EV to free cash flow | 72.05 | 625.17 | 74.9 | -254.07 | 35.41K | |
Earnings yield | -0.01 | 0 | 0.01 | 0.01 | 0 | |
Free cash flow yield | 0.03 | 0 | 0.03 | -0.01 | 0 | |
Debt to equity | 0.86 | 0.82 | 0.81 | 0.8 | 0.8 | |
Debt to assets | 0.43 | 0.42 | 0.42 | 0.42 | 0.41 | |
Net debt to EBITDA | 31.73 | 30.41 | 33.12 | 60.48 | 30.65 | |
Current ratio | 2.95 | 3.02 | 2.79 | 1.87 | 5.02 | |
Interest coverage | 1.32 | 1.54 | 1.25 | -1.6 | -3.76 | |
Income quality | 18.66 | 2.69 | 2.27 | 0.03 | 9.58 | |
Dividend Yield | 0.02 | 0.02 | 0.02 | 0.02 | 0 | |
Payout ratio | -1.98 | 42.08 | 1.4 | 3.93 | 6.1 | |
Sales general and administrative to revenue | 0.14 | 0.17 | 0.16 | 0.05 | 0.14 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0 | 0 | 0 | 0 | 0 | |
Capex to operating cash flow | -0.2 | -0.61 | -0.16 | -53.59 | -0.16 | |
Capex to revenue | -0.16 | -0.14 | -0.13 | -0.18 | -0.12 | |
Capex to depreciation | -0.43 | -0.31 | -0.31 | -0.46 | -0.29 | |
Stock based compensation to revenue | 0 | 0 | 0 | 0 | 0 | |
Graham number | 8.44 | 1.82 | 10.09 | 6.35 | 0 | |
ROIC | -0.03 | 0 | 0 | 0.02 | -0.05 | |
Return on tangible assets | 0 | 0 | 0.01 | 0 | 0 | |
Graham Net | -18.95 | -18.16 | -17.83 | -17.85 | -0.02 | |
Working capital | 40.41M | 25.92M | 30.92M | 11.64M | 57.83M | |
Tangible asset value | 725.66M | 729.36M | 729.67M | 726.47M | 714.83M | |
Net current asset value | -664.75M | -652.84M | -645.59M | -649.55M | -595.51M | |
Invested capital | 0.86 | 0.82 | 0.81 | 0.8 | 0.8 | |
Average receivables | 0 | 0 | 0 | 0 | 9.29M | |
Average payables | 13.92M | 12.97M | 11.89M | 11.91M | 10.01M | |
Average inventory | 0 | 0 | 0 | 0 | 26.81M | |
Days sales outstanding | 0 | 0 | 0 | 0 | 68.35 | |
Days payables outstanding | 2.04K | 771.86 | 1.43K | 37.18 | 636.12 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 3.31K | |
Receivables turnover | 0 | 0 | 0 | 0 | 1.32 | |
Payables turnover | 0.04 | 0.12 | 0.06 | 2.42 | 0.14 | |
Inventory turnover | 0 | 0 | 0 | 0 | 0.03 | |
ROE | -0.01 | 0 | 0.01 | 0 | 0 | |
Capex per share | -0.12 | -0.08 | -0.08 | -0.12 | 0 |
LANDO Frequently Asked Questions
What is Gladstone Land Corporation stock symbol ?
Gladstone Land Corporation is a US stock , located in Mclean of Va and trading under the symbol LANDO
What is Gladstone Land Corporation stock quote today ?
Gladstone Land Corporation stock price is $20.0487 today.
Is Gladstone Land Corporation stock public?
Yes, Gladstone Land Corporation is a publicly traded company.