$LAND
GLADSTONE LAND Corp

2015 Q3 Form 10-Q Financial Statement

#000119312515276628 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $3.084M $2.784M $1.566M
YoY Change 73.46% 77.78% 64.88%
Cost Of Revenue $550.0K $480.0K $1.208M
YoY Change -62.74% -60.28% 97.68%
Gross Profit $2.530M $2.300M $357.5K
YoY Change 738.91% 543.4% 5.63%
Gross Profit Margin 82.05% 82.62% 22.83%
Selling, General & Admin $500.0K $510.0K $380.0K
YoY Change 4.17% 34.21% -9.52%
% of Gross Profit 19.76% 22.17% 106.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $809.4K $711.8K $330.5K
YoY Change 80.98% 115.38% 86.38%
% of Gross Profit 31.99% 30.95% 92.45%
Operating Expenses $1.916M $1.889M $1.208M
YoY Change 29.8% 56.33% 115.8%
Operating Profit $1.168M $894.7K $357.5K
YoY Change 287.17% 150.27% 5.63%
Interest Expense $1.064M $947.4K $405.8K
YoY Change 112.41% 133.46% 47.0%
% of Operating Profit 91.15% 105.89% 113.52%
Other Income/Expense, Net -$961.3K -$925.0K -$651.9K
YoY Change 394.6% 41.88% 149.57%
Pretax Income $206.4K -$30.29K -$294.5K
YoY Change 92.48% -89.71% -481.47%
Income Tax $0.00 $0.00 $6.623K
% Of Pretax Income 0.0%
Net Earnings $206.4K -$30.29K -$301.1K
YoY Change 105.62% -89.94% -1091.88%
Net Earnings / Revenue 6.69% -1.09% -19.23%
Basic Earnings Per Share
Diluted Earnings Per Share $23.18K -$3.052K -$44.78K
COMMON SHARES
Basic Shares Outstanding 9.060M shares 7.754M shares 6.530M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.700M $3.200M $3.800M
YoY Change -10.0% -15.79% -91.04%
Cash & Equivalents $2.701M $3.159M $3.830M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.700M $3.200M $3.800M
YoY Change -10.0% -15.79% -91.04%
LONG-TERM ASSETS
Property, Plant & Equipment $211.2M $180.5M $86.80M
YoY Change 86.57% 107.95% 109.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K
YoY Change 0.0%
Other Assets $1.400M $1.300M $1.000M
YoY Change 27.27% 30.0% 233.33%
Total Long-Term Assets $216.5M $186.0M $89.97M
YoY Change 84.06% 106.75% 96.42%
TOTAL ASSETS
Total Short-Term Assets $2.700M $3.200M $3.800M
Total Long-Term Assets $216.5M $186.0M $89.97M
Total Assets $219.2M $189.2M $93.77M
YoY Change 81.72% 101.78% 6.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.700M $2.900M $700.0K
YoY Change 200.0% 314.29% 16.67%
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 $3.200M $3.500M $1.000M
YoY Change 146.15% 250.0% -23.08%
LONG-TERM LIABILITIES
Long-Term Debt $140.1M $110.5M $44.30M
YoY Change 144.5% 149.44% 50.17%
Other Long-Term Liabilities $4.800M $3.300M $1.400M
YoY Change 128.57% 135.71%
Total Long-Term Liabilities $144.9M $113.8M $45.70M
YoY Change 143.94% 149.02% 54.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.200M $3.500M $1.000M
Total Long-Term Liabilities $144.9M $113.8M $45.70M
Total Liabilities $148.2M $117.3M $46.71M
YoY Change 143.58% 151.13% 48.14%
SHAREHOLDERS EQUITY
Retained Earnings -$8.138M -$7.257M -$4.276M
YoY Change 70.83% 69.7% -180.1%
Common Stock $79.16M $79.16M $6.530K
YoY Change 1030569.92% 1212112.43% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.02M $71.90M $47.06M
YoY Change
Total Liabilities & Shareholders Equity $219.2M $189.2M $93.77M
YoY Change 81.72% 101.78% 6.31%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $206.4K -$30.29K -$301.1K
YoY Change 105.62% -89.94% -1091.88%
Depreciation, Depletion And Amortization $809.4K $711.8K $330.5K
YoY Change 80.98% 115.38% 86.38%
Cash From Operating Activities $2.690M $1.340M $350.0K
YoY Change 108.53% 282.86% -59.77%
INVESTING ACTIVITIES
Capital Expenditures -$31.06M -$16.60M -$11.88M
YoY Change 13.52% 39.73% 153.85%
Acquisitions
YoY Change
Other Investing Activities -$370.0K -$530.0K -$150.0K
YoY Change 23.33% 253.33% -100.75%
Cash From Investing Activities -$31.44M -$17.13M -$12.03M
YoY Change 13.67% 42.39% -178.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.28M 16.77M 1.970M
YoY Change 10.64% 751.27% -167.7%
NET CHANGE
Cash From Operating Activities 2.690M 1.340M 350.0K
Cash From Investing Activities -31.44M -17.13M -12.03M
Cash From Financing Activities 28.28M 16.77M 1.970M
Net Change In Cash -470.0K 980.0K -9.710M
YoY Change -41.98% -110.09% -172.84%
FREE CASH FLOW
Cash From Operating Activities $2.690M $1.340M $350.0K
Capital Expenditures -$31.06M -$16.60M -$11.88M
Free Cash Flow $33.75M $17.94M $12.23M
YoY Change 17.8% 46.69% 120.36%

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DocumentType
10-Q
dei Entity Central Index Key
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0001495240
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
EntityRegistrantName
GLADSTONE LAND Corp
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, the <i>Condensed Consolidated Statements of Operations</i> for the three and six months ended June&#xA0;30, 2014, and the <i>Condensed Consolidated Statement of Cash Flows</i> for the six months ended June&#xA0;30, 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>
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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 as of 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>
dei Trading Symbol
TradingSymbol
LAND
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us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
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PaymentsToDevelopRealEstateAssets
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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36098060
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land Business Acquisitions Pro Forma Operating Expenses
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land Related Party Transaction Credit From Voluntary Irrevocable
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320905
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AdministrationFee
308788
land Number Of Farms Acquired
NumberOfFarmsAcquired
4 Farm
land Insurance Proceeds Received Capitalized As Real Estate Asset Additions
InsuranceProceedsReceivedCapitalizedAsRealEstateAssetAdditions
20809
land Additions To Real Estate Included In Accounts Payable And Accrued Expenses
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721863
land Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
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land Business Acquisitions Pro Forma Net Income Loss Before Income Tax
BusinessAcquisitionsProFormaNetIncomeLossBeforeIncomeTax
867049
land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
3560393
land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-125739
land Number Of Farms Acquired Not Covered Under Business Combination
NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
4 Farm
land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
10790
land Percentage Of Area Of Land
PercentageOfAreaOfLand
1.000 pure
land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.036 pure
land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
3881298
land Number Of Real Estate Farms
NumberOfRealEstateFarms
36 Farm
land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
100000
land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
14382
land Business Acquisitions Pro Forma Other Expense
BusinessAcquisitionsProFormaOtherExpense
1927153
land Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
8872584 shares
land Offering Costs Included In Accounts Payable And Accrued Expenses
OfferingCostsIncludedInAccountsPayableAndAccruedExpenses
259776
land Additions To Real Estate Included In Contingent Consideration Owed
AdditionsToRealEstateIncludedInContingentConsiderationOwed
700000
land Management Fee Expense Net Of Credit To Incentive Fee
ManagementFeeExpenseNetOfCreditToIncentiveFee
303235
land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Contingent Consideration Owed
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1421863
land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
20809
land Accretion Of Below Market Lease
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107733
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-125133
CY2014 us-gaap Stock Issued During Period Value New Issues
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14041271
CY2014 us-gaap Unusual Or Infrequent Item Insurance Proceeds
UnusualOrInfrequentItemInsuranceProceeds
495700
CY2014 us-gaap Dividends
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2458802
CY2014 us-gaap Loss From Catastrophes
LossFromCatastrophes
232737
CY2014 land Number Of Farms Acquired
NumberOfFarmsAcquired
11 Farm
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EarningsPerShareBasicAndDiluted
-0.05
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CY2014Q2 us-gaap Net Income Loss
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CY2014Q2 us-gaap Operating Leases Income Statement Lease Revenue
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357477
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CY2014Q2 us-gaap Interest And Other Income
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-294471
CY2014Q2 us-gaap Tenant Reimbursements
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CY2014Q2 us-gaap Income Tax Expense Benefit
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CY2014Q2 us-gaap Business Combination Acquisition Related Costs
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CY2014Q2 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
1208458
CY2014Q2 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
461
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 Management Fee Expense Net Of Credit To Incentive Fee
ManagementFeeExpenseNetOfCreditToIncentiveFee
236531
CY2014Q2 land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
-250478
CY2014Q2 land Accretion Of Below Market Lease
AccretionOfBelowMarketLease
20980
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2015Q2 us-gaap Net Income Loss
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CY2015Q2 us-gaap Operating Leases Income Statement Lease Revenue
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CY2015Q2 us-gaap Nonoperating Income Expense
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1889182
CY2015Q2 land Management Fee Expense Net Of Credit To Incentive Fee
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CY2015Q2 land Accretion Of Below Market Lease
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52590

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