$LAND
GLADSTONE LAND Corp

2015 Q2 Form 10-Q Financial Statement

#000119312515190290 Filed on May 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $2.784M $2.626M $1.496M
YoY Change 77.78% 75.56% 63.53%
Cost Of Revenue $480.0K $500.0K $1.100M
YoY Change -60.28% -54.56% 104.51%
Gross Profit $2.300M $2.120M $395.2K
YoY Change 543.4% 436.46% 4.97%
Gross Profit Margin 82.62% 80.74% 26.42%
Selling, General & Admin $510.0K $530.0K $460.0K
YoY Change 34.21% 15.22% 64.29%
% of Gross Profit 22.17% 25.0% 116.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $711.8K $791.6K $288.0K
YoY Change 115.38% 174.84% 79.98%
% of Gross Profit 30.95% 37.34% 72.89%
Operating Expenses $1.889M $1.671M $1.100M
YoY Change 56.33% 51.87% 104.51%
Operating Profit $894.7K $954.5K $395.2K
YoY Change 150.27% 141.54% 4.97%
Interest Expense $947.4K $949.4K $374.0K
YoY Change 133.46% 153.81% 33.4%
% of Operating Profit 105.89% 99.46% 94.65%
Other Income/Expense, Net -$925.0K -$929.9K -$367.6K
YoY Change 41.88% 152.95% 36.28%
Pretax Income -$30.29K $24.57K $27.54K
YoY Change -89.71% -10.77% -74.19%
Income Tax $0.00 $0.00 $6.623K
% Of Pretax Income 0.0% 24.05%
Net Earnings -$30.29K $24.57K $20.92K
YoY Change -89.94% 17.48% -55.98%
Net Earnings / Revenue -1.09% 0.94% 1.4%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.052K $2.581K $3.063K
COMMON SHARES
Basic Shares Outstanding 7.754M shares 7.754M shares 6.530M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.200M $2.200M $13.50M
YoY Change -15.79% -83.7% -53.61%
Cash & Equivalents $3.159M $2.180M $13.55M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.200M $2.200M $13.50M
YoY Change -15.79% -83.7% -53.61%
LONG-TERM ASSETS
Property, Plant & Equipment $180.5M $165.0M $75.70M
YoY Change 107.95% 117.97% 104.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K
YoY Change -96.62%
Other Assets $1.300M $1.300M $700.0K
YoY Change 30.0% 85.71% 133.33%
Total Long-Term Assets $186.0M $169.9M $78.12M
YoY Change 106.75% 117.48% 28.28%
TOTAL ASSETS
Total Short-Term Assets $3.200M $2.200M $13.50M
Total Long-Term Assets $186.0M $169.9M $78.12M
Total Assets $189.2M $172.1M $91.62M
YoY Change 101.78% 87.84% 1.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.900M $2.400M $1.000M
YoY Change 314.29% 140.0% 42.86%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.500M $2.500M $1.300M
YoY Change 250.0% 92.31% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $110.5M $106.7M $41.40M
YoY Change 149.44% 157.73% 40.34%
Other Long-Term Liabilities $3.300M $3.800M $900.0K
YoY Change 135.71% 322.22%
Total Long-Term Liabilities $113.8M $110.5M $42.30M
YoY Change 149.02% 161.23% 43.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.500M $2.500M $1.300M
Total Long-Term Liabilities $113.8M $110.5M $42.30M
Total Liabilities $117.3M $112.9M $43.68M
YoY Change 151.13% 158.55% 40.9%
SHAREHOLDERS EQUITY
Retained Earnings -$7.257M -$6.194M -$3.388M
YoY Change 69.7% 82.85%
Common Stock $79.16M $65.37M $6.530K
YoY Change 1212112.43% 1000957.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.90M $59.17M $47.95M
YoY Change
Total Liabilities & Shareholders Equity $189.2M $172.1M $91.62M
YoY Change 101.78% 87.84% 1.8%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$30.29K $24.57K $20.92K
YoY Change -89.94% 17.48% -55.98%
Depreciation, Depletion And Amortization $711.8K $791.6K $288.0K
YoY Change 115.38% 174.84% 79.98%
Cash From Operating Activities $1.340M $270.0K $393.8K
YoY Change 282.86% -31.43% -115.37%
INVESTING ACTIVITIES
Capital Expenditures -$16.60M -$20.27M -$500.0K
YoY Change 39.73% 3954.0%
Acquisitions
YoY Change
Other Investing Activities -$530.0K $230.0K $0.00
YoY Change 253.33% -100.0%
Cash From Investing Activities -$17.13M -$20.03M -$504.0K
YoY Change 42.39% 3873.9% -97.49%
FINANCING ACTIVITIES
Cash Dividend Paid $814.1K $587.7K
YoY Change 38.52% 12.5%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.77M 19.33M -2.615M
YoY Change 751.27% -839.33% -105.15%
NET CHANGE
Cash From Operating Activities 1.340M 270.0K 393.8K
Cash From Investing Activities -17.13M -20.03M -504.0K
Cash From Financing Activities 16.77M 19.33M -2.615M
Net Change In Cash 980.0K -430.0K -2.725M
YoY Change -110.09% -84.22% -109.66%
FREE CASH FLOW
Cash From Operating Activities $1.340M $270.0K $393.8K
Capital Expenditures -$16.60M -$20.27M -$500.0K
Free Cash Flow $17.94M $20.54M $893.8K
YoY Change 46.69% 2198.16%

Facts In Submission

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ManagementFeeExpenseNetOfCreditToIncentiveFee
240964
CY2014Q1 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Contingent Consideration Owed
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed
141946
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
GLADSTONE LAND Corp
CY2015Q1 dei Trading Symbol
TradingSymbol
LAND
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
265306
CY2015Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P1Y9M18D
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.</p> </div>
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7753717 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.105
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001495240
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
791632
CY2015Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Reclassifications</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Certain line items on the <i>Condensed Consolidated Balance Sheet</i> as of December&#xA0;31, 2014, and the <i>Condensed Consolidated Statements of Operations and Cash Flows</i> for the three months ended March&#xA0;31, 2014, have been reclassified to conform to the current-year presentation. These reclassifications had no effect on previously-reported stockholders&#x2019; equity or net income.</p> </div>
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
103238
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
36766
CY2015Q1 us-gaap Increase In Restricted Cash
IncreaseInRestrictedCash
510
CY2015Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-132741
CY2015Q1 us-gaap Tenant Reimbursements
TenantReimbursements
3397
CY2015Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
2400000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
814140
CY2015Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
55143
CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-45255
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
24574
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
954513
CY2015Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
562500
CY2015Q1 us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
PaymentsForLeasingCostsCommissionsAndTenantImprovements
188000
CY2015Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
2622327
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-929939
CY2015Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
204497
CY2015Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
19869405
CY2015Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
398064
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
68116
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
24574
CY2015Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
2625724
CY2015Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
19430
CY2015Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
2682835
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
230446
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-756342
CY2015Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
12552680
CY2015Q1 us-gaap Dividends
Dividends
814140
CY2015Q1 us-gaap Interest Expense
InterestExpense
949369
CY2015Q1 us-gaap Professional Fees
ProfessionalFees
166908
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
21026
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
279118
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-439002
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
19330420
CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
5000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-20034728
CY2015Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
170680
CY2015Q1 us-gaap Management Fee Expense
ManagementFeeExpense
295748
CY2015Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
10200000
CY2015Q1 us-gaap Cost Of Other Property Operating Expense
CostOfOtherPropertyOperatingExpense
205766
CY2015Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2015Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
203307
CY2015Q1 land Percentage Of Rental Revenue
PercentageOfRentalRevenue
1.000 pure
CY2015Q1 land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
CY2015Q1 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpenses
1069965
CY2015Q1 land Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
CY2015Q1 land Business Acquisitions Pro Forma Net Income Loss Before Income Tax
BusinessAcquisitionsProFormaNetIncomeLossBeforeIncomeTax
204497
CY2015Q1 land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
CY2015Q1 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
1992116
CY2015Q1 land Number Of Farms Acquired Not Covered Under Business Combination
NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
2 Farm
CY2015Q1 land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
6194
CY2015Q1 land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.036 pure
CY2015Q1 land Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
7753717 shares
CY2015Q1 land Maximum Annual Percentage Of Adjusted Stockholders Equity To Pay Full Pre Incentive Fee To Adviser
MaximumAnnualPercentageOfAdjustedStockholdersEquityToPayFullPreIncentiveFeeToAdviser
0.0875 pure
CY2015Q1 land Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Hundred Percent Of Amount Of Pre Incentive Fee Maximum Percentage
PreIncentiveFeeInPercentageOfCommonStockholdersEquityThatAwardsAdviserHundredPercentOfAmountOfPreIncentiveFeeMaximumPercentage
0.021875 pure
CY2015Q1 land Number Of Farms Acquired
NumberOfFarmsAcquired
2 Farm
CY2015Q1 land Percentage Of Expected Annual Base Management Fee To Aggregate Stockholders Equity
PercentageOfExpectedAnnualBaseManagementFeeToAggregateStockholdersEquity
0.020 pure
CY2015Q1 land Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
1522103
CY2015Q1 land Related Party Transaction Credit From Voluntary Irrevocable
RelatedPartyTransactionCreditFromVoluntaryIrrevocable
320905
CY2015Q1 land Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.03
CY2015Q1 land Administration Fee
AdministrationFee
130936
CY2015Q1 land Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure
CY2015Q1 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
1671211
CY2015Q1 land Percentage Of Area Of Land
PercentageOfAreaOfLand
1.000 pure
CY2015Q1 land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-64146
CY2015Q1 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
14422
CY2015Q1 land Escrow Fund Release Date
EscrowFundReleaseDate
2015-03-04
CY2015Q1 land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
100000
CY2015Q1 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
CY2015Q1 land Business Acquisitions Pro Forma Other Expense
BusinessAcquisitionsProFormaOtherExpense
956235
CY2015Q1 land Number Of Real Estate Farms
NumberOfRealEstateFarms
34 Farm
CY2015Q1 land Estimated Net Increase Decrease In Rental Revenue In Four Years
EstimatedNetIncreaseDecreaseInRentalRevenueInFourYears
4577
CY2015Q1 land Estimated Net Increase Decrease In Rental Revenue In Five Years
EstimatedNetIncreaseDecreaseInRentalRevenueInFiveYears
4577
CY2015Q1 land Increase Decrease In Percentage Of Administrative Fee
IncreaseDecreaseInPercentageOfAdministrativeFee
0.98 pure
CY2015Q1 land Estimated Net Increase Decrease In Rental Revenue Current
EstimatedNetIncreaseDecreaseInRentalRevenueCurrent
-17004
CY2015Q1 land Estimated Net Increase Decrease In Rental Revenue In Two Years
EstimatedNetIncreaseDecreaseInRentalRevenueInTwoYears
-8437
CY2015Q1 land Estimated Net Increase Decrease In Rental Revenue In Three Years
EstimatedNetIncreaseDecreaseInRentalRevenueInThreeYears
4577
CY2015Q1 land Estimated Net Increase Decrease In Rental Revenue Thereafter
EstimatedNetIncreaseDecreaseInRentalRevenueThereafter
8010
CY2015Q1 land Estimated Net Increase Decrease In Rental Revenue
EstimatedNetIncreaseDecreaseInRentalRevenue
103589
CY2015Q1 land Estimated Net Increase Decrease In Rental Revenue Remainder Of Fiscal Year
EstimatedNetIncreaseDecreaseInRentalRevenueRemainderOfFiscalYear
107289
CY2015Q1 land Management Fee Expense Net Of Credit To Incentive Fee
ManagementFeeExpenseNetOfCreditToIncentiveFee
-25157
CY2015Q1 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Contingent Consideration Owed
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed
1769965
CY2015Q1 land Additions To Real Estate Included In Contingent Consideration Owed
AdditionsToRealEstateIncludedInContingentConsiderationOwed
700000

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