$LAND
GLADSTONE LAND Corp

2014 Q3 Form 10-Q Financial Statement

#000119312514293790 Filed on August 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $1.778M $1.566M $949.8K
YoY Change 78.46% 64.88% 16.98%
Cost Of Revenue $1.476M $1.208M $611.3K
YoY Change 127.97% 97.68% 139.81%
Gross Profit $301.6K $357.5K $338.4K
YoY Change -13.49% 5.63% -39.24%
Gross Profit Margin 16.97% 22.83% 35.63%
Selling, General & Admin $480.0K $380.0K $420.0K
YoY Change 29.73% -9.52% 366.67%
% of Gross Profit 159.16% 106.3% 124.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $447.3K $330.5K $177.3K
YoY Change 160.41% 86.38% 97.03%
% of Gross Profit 148.3% 92.45% 52.4%
Operating Expenses $1.476M $1.208M $560.0K
YoY Change 168.38% 115.8% 211.11%
Operating Profit $301.6K $357.5K $338.4K
YoY Change -13.49% 5.63% -39.24%
Interest Expense $501.1K $405.8K $276.0K
YoY Change 81.53% 47.0% 8.05%
% of Operating Profit 166.15% 113.52% 81.57%
Other Income/Expense, Net -$194.4K -$651.9K -$261.2K
YoY Change -24.8% 149.57% 3.05%
Pretax Income $107.2K -$294.5K $77.19K
YoY Change 18.93% -481.47% -74.56%
Income Tax $6.857K $6.623K $46.84K
% Of Pretax Income 6.39% 60.68%
Net Earnings $100.4K -$301.1K $30.36K
YoY Change 2008.72% -1091.88% -84.99%
Net Earnings / Revenue 5.65% -19.23% 3.2%
Basic Earnings Per Share
Diluted Earnings Per Share $15.13K -$44.78K $4.594K
COMMON SHARES
Basic Shares Outstanding 6.530M shares 6.530M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.000M $3.800M $42.40M
YoY Change -92.39% -91.04% 2726.67%
Cash & Equivalents $3.031M $3.830M $42.41M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.000M $3.800M $42.40M
YoY Change -92.39% -91.04% 2726.67%
LONG-TERM ASSETS
Property, Plant & Equipment $113.2M $86.80M $41.50M
YoY Change 170.17% 109.16% 37.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K $700.0K $700.0K
YoY Change 0.0% 0.0%
Other Assets $1.100M $1.000M $300.0K
YoY Change 266.67% 233.33% 50.0%
Total Long-Term Assets $117.6M $89.97M $45.81M
YoY Change 154.03% 96.42% 48.24%
TOTAL ASSETS
Total Short-Term Assets $3.000M $3.800M $42.40M
Total Long-Term Assets $117.6M $89.97M $45.81M
Total Assets $120.6M $93.77M $88.21M
YoY Change 40.75% 6.31% 172.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $700.0K $600.0K
YoY Change 28.57% 16.67% 20.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.300M $1.000M $1.300M
YoY Change 62.5% -23.08% 8.33%
LONG-TERM LIABILITIES
Long-Term Debt $57.30M $44.30M $29.50M
YoY Change 93.58% 50.17% 27.16%
Other Long-Term Liabilities $2.100M $1.400M
YoY Change 600.0%
Total Long-Term Liabilities $59.40M $45.70M $29.50M
YoY Change 98.66% 54.92% 27.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.300M $1.000M $1.300M
Total Long-Term Liabilities $59.40M $45.70M $29.50M
Total Liabilities $60.83M $46.71M $31.53M
YoY Change 93.88% 48.14% 28.71%
SHAREHOLDERS EQUITY
Retained Earnings -$4.764M -$4.276M $5.339M
YoY Change -259.2% -180.1%
Common Stock $7.680K $6.530K $6.530K
YoY Change 17.61% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.79M $47.06M $56.67M
YoY Change
Total Liabilities & Shareholders Equity $120.6M $93.77M $88.21M
YoY Change 40.75% 6.31% 172.24%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $100.4K -$301.1K $30.36K
YoY Change 2008.72% -1091.88% -84.99%
Depreciation, Depletion And Amortization $447.3K $330.5K $177.3K
YoY Change 160.41% 86.38% 97.03%
Cash From Operating Activities $1.290M $350.0K $870.0K
YoY Change -1272.73% -59.77% 35.94%
INVESTING ACTIVITIES
Capital Expenditures -$27.36M -$11.88M -$4.680M
YoY Change 7294.59% 153.85%
Acquisitions
YoY Change
Other Investing Activities -$300.0K -$150.0K $20.06M
YoY Change 50.0% -100.75% -40220.0%
Cash From Investing Activities -$27.66M -$12.03M $15.37M
YoY Change 4839.29% -178.27% -30840.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.56M 1.970M -2.910M
YoY Change -1187.66% -167.7% 2138.46%
NET CHANGE
Cash From Operating Activities 1.290M 350.0K 870.0K
Cash From Investing Activities -27.66M -12.03M 15.37M
Cash From Financing Activities 25.56M 1.970M -2.910M
Net Change In Cash -810.0K -9.710M 13.33M
YoY Change -73.18% -172.84% 2797.83%
FREE CASH FLOW
Cash From Operating Activities $1.290M $350.0K $870.0K
Capital Expenditures -$27.36M -$11.88M -$4.680M
Free Cash Flow $28.65M $12.23M $5.550M
YoY Change 10919.23% 120.36% 767.19%

Facts In Submission

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1190476
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1149439
land Related Party Transaction Prior Management Advisory Fee
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land Related Party Transaction Amended Base Management Fee
RelatedPartyTransactionAmendedBaseManagementFee
38095
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land Amortization Of Above Market Lease
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land Number Of Farms Acquired Not Covered Under Business Combination
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dei Trading Symbol
TradingSymbol
LAND
dei Entity Registrant Name
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GLADSTONE LAND Corp
dei Amendment Flag
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false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001495240
dei Current Fiscal Year End Date
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--12-31
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DocumentFiscalPeriodFocus
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us-gaap Real Estate Tax Expense
RealEstateTaxExpense
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AmortizationOfFinancingCosts
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CostOfOtherPropertyOperatingExpense
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62008
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ProfessionalFees
289592
us-gaap Dividends
Dividends
1175447
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ImpairmentOfRealEstate
0
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IncomeTaxExpenseBenefit
13246
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13246
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MaximumPayrollAndBenefitsReimbursedAsPercentageOfAverageInvestedAssets
0.020 pure
land Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Hundred Percent Of Amount Of Pre Incentive Fee Maximum Percentage
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0.021875 pure
land Administration Fee
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131205
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0.020 pure
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0.20 pure
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IncentiveFeePerAdvisoryAgreement
0.0175 pure
land Number Of Real Estate Farms
NumberOfRealEstateFarms
26 Farm
land Credit To Incentive Fee
CreditToIncentiveFee
0
land Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
2268698
land Overhead Expense Reimbursements Limitation Period
OverheadExpenseReimbursementsLimitationPeriod
P1Y
land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.036 pure
land Related Party Transaction Amended Administration Fee
RelatedPartyTransactionAmendedAdministrationFee
131205
land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
461
land Additional Debt To Finance Farms Acquisition
AdditionalDebtToFinanceFarmsAcquisition
0
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-3331
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0.010 pure
land Minimum Percentage Likelihood To Recognize Tax Benefit From Uncertain Tax Position
MinimumPercentageLikelihoodToRecognizeTaxBenefitFromUncertainTaxPosition
0.50 pure
land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
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MaximumAnnualPercentageOfAdjustedStockholdersEquityToPayFullPreIncentiveFeeToAdviser
0.0875 pure
land Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Twenty Percent Of Amount Of Pre Incentive Fee Minimum Percentage
PreIncentiveFeeInPercentageOfCommonStockholdersEquityThatAwardsAdviserTwentyPercentOfAmountOfPreIncentiveFeeMinimumPercentage
0.021875 pure
land Real Estate Properties Revenue Recognized
RealEstatePropertiesRevenueRecognized
3056927
land Percentage Of Rental Revenue
PercentageOfRentalRevenue
1.000 pure
land Percentage Of Expected Annual Base Management Fee To Aggregate Stockholders Equity
PercentageOfExpectedAnnualBaseManagementFeeToAggregateStockholdersEquity
0.020 pure
land Percentage Of Area Of Land
PercentageOfAreaOfLand
1.000 pure
land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-60971
land Number Of Farms
NumberOfFarms
26 Farm
land Additions To Real Estate Included In Accounts Payable And Accrued Expenses
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpenses
312171
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0.07 pure
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0.020 pure
land Area Of Real Estate Properties
AreaOfRealEstateProperties
6439 acre
land Business Acquisitions Pro Forma Other Expense
BusinessAcquisitionsProFormaOtherExpense
1052043
land Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
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6530264 shares
land Number Of Farms Acquired
NumberOfFarmsAcquired
5 Farm
land Operating Expenses Before Credit To Incentive Fee
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2308910
land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
2308910
land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
50000
land Initial Farmable Area Under Lease
InitialFarmableAreaUnderLease
121 acre
land Additional Farmable Area Under Lease
AdditionalFarmableAreaUnderLease
60 acre
land Related Party Transaction Amended Base Management Fee
RelatedPartyTransactionAmendedBaseManagementFee
477579
land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
0
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2013Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.36
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
77194
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
14818
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
338423
CY2013Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
3350
land Number Of Farms Acquired Not Covered Under Business Combination
NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
5 Farm
land Offering Costs Included In Accounts Payable And Accrued Liabilities
OfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
15000
land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
1336
land Number Of Properties Damaged In Fire
NumberOfPropertiesDamagedInFire
2 Property
land Number Of Properties Recoverable
NumberOfPropertiesRecoverable
2 Property
land Accrued Interest On Escrow Funds
AccruedInterestOnEscrowFunds
1488
land Decrease In Net Income Due To Out Of Period Adjustment
DecreaseInNetIncomeDueToOutOfPeriodAdjustment
30800
CY2013 land Decrease In Net Income Due To Out Of Period Adjustment
DecreaseInNetIncomeDueToOutOfPeriodAdjustment
40438
CY2013Q1 land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
41037
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6530264 shares
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NonoperatingIncomeExpense
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30356
CY2013Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
949756
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AmortizationOfBelowMarketLease
0
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RealEstateRevenueNet
949756
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GeneralAndAdministrativeExpense
195401
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CY2013Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4266
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177323
CY2013Q2 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
28972
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
29277
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163764
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46838
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CY2013Q2 land Credit To Incentive Fee
CreditToIncentiveFee
41037
CY2013Q2 land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.036 pure
CY2013Q2 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
652370
CY2013Q2 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
611333
CY2013Q2 land Related Party Transaction Amended Base Management Fee
RelatedPartyTransactionAmendedBaseManagementFee
25136
CY2013Q2 land Related Party Transaction Credit From Voluntary Irrevocable
RelatedPartyTransactionCreditFromVoluntaryIrrevocable
41037
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RelatedPartyTransactionNetIncentiveFee
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CY2013Q2 land Related Party Transaction Amended Administration Fee
RelatedPartyTransactionAmendedAdministrationFee
57508
CY2013Q2 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
0
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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6530264 shares
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0.09
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CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-294471
CY2014Q2 us-gaap Other Nonoperating Income
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CY2014Q2 us-gaap Investment Income Interest
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4327
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CY2014Q2 us-gaap Interest And Other Income
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NonoperatingIncomeExpense
-651948
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2014Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1561291
CY2014Q2 us-gaap Amortization Of Below Market Lease
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20980
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RealEstateRevenueNet
1565935
CY2014Q2 us-gaap General And Administrative Expense
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CY2014Q2 us-gaap Loss From Catastrophes
LossFromCatastrophes
250478
CY2014Q2 us-gaap Interest Expense
InterestExpense
405797
CY2014Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
177334
CY2014Q2 us-gaap Depreciation Depletion And Amortization
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330486
CY2014Q2 us-gaap Cost Of Other Property Operating Expense
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81480
CY2014Q2 us-gaap Amortization Of Intangible Assets
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33540
CY2014Q2 us-gaap Professional Fees
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6623
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65047
CY2014Q2 land Credit To Incentive Fee
CreditToIncentiveFee
0
CY2014Q2 land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.037 pure
CY2014Q2 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
1208458
CY2014Q2 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
1208458
CY2014Q2 land Related Party Transaction Amended Base Management Fee
RelatedPartyTransactionAmendedBaseManagementFee
236531
CY2014Q2 land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
0
CY2014Q2 land Related Party Transaction Amended Administration Fee
RelatedPartyTransactionAmendedAdministrationFee
65047
CY2014Q2 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
461
CY2014Q2 land Accrued Interest On Escrow Funds
AccruedInterestOnEscrowFunds
748
CY2013Q3 land Decrease In Net Income Due To Out Of Period Adjustment
DecreaseInNetIncomeDueToOutOfPeriodAdjustment
30800
CY2013Q4 land Decrease In Net Income Due To Out Of Period Adjustment
DecreaseInNetIncomeDueToOutOfPeriodAdjustment
9638

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