Gladstone Land Corporation 6.00% Series C Cumulative Redeemable Preferred Stock (LANDP)

FairStock Score: 74/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look first at what I own. This is a cumulative preferred claim on Gladstone Land, a REIT with 142 farms, roughly 98,000 acres and water assets. The preferred pays a 6.00% coupon and yields 7.58% at the 2026-10-13 close of $19.75. That yield is the main attraction. The common equity numbers are not encouraging. In fiscal Q2 2026, the quarter ended 2026-06-30, filed revenue was only $333,000 and net income was -$8.5 million, with diluted EPS -$0.32. Fiscal Q1 2026, the quarter ended 2026-03-31, showed revenue $1.7 million and net income -$4.3 million. Those are losses, not steady REIT cash generation. Earlier, fiscal Q3 2025, the quarter ended 2025-09-30, showed revenue $17.8 million and net income $2.1 million, so the trend is lumpy and currently deteriorates. FairStock's calculations put P/B at 1.27, D/E at 0.72, ROE at -0.96%, ROCE at 1.11%, and Altman Z at 0.70, a distress signal. The FCF yield is only 2.9%, and Piotroski is 4/9. For a REIT, I would normally lean on FFO/AFFO, but those are not in this data, so I cannot verify dividend coverage. The Lynch category is STALWART, based on 22.4% annual profit growth over five years, yet revenue fell 26.6% a year. A cumulative preferred has a senior claim and the farmland and water assets have value, but at 1.27 times book with losses and weak coverage data, the margin of safety is not obvious. I would call the yield attractive but the business quality unproven.

In plain English: The company owns farms and water assets and pays a set dividend through a preferred share. It has recently lost money and revenue has been weak, so the business looks shaky. At $19.75, the 7.58% payout may look high, but the price does not look clearly cheap given the losses and financial risk.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K/A (period ended 2025-12-31) · FY2024 10-K/A (period ended 2024-12-31) · FY2023 10-K/A (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer