$LAND
GLADSTONE LAND Corp

2015 Q4 Form 10-Q Financial Statement

#000119312515364488 Filed on November 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $3.408M $3.084M $1.778M
YoY Change 45.3% 73.46% 78.46%
Cost Of Revenue $540.0K $550.0K $1.476M
YoY Change -70.0% -62.74% 127.97%
Gross Profit $2.870M $2.530M $301.6K
YoY Change 425.9% 738.91% -13.49%
Gross Profit Margin 84.21% 82.05% 16.97%
Selling, General & Admin $460.0K $500.0K $480.0K
YoY Change -6.12% 4.17% 29.73%
% of Gross Profit 16.03% 19.76% 159.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $809.4K $447.3K
YoY Change 19.4% 80.98% 160.41%
% of Gross Profit 27.87% 31.99% 148.3%
Operating Expenses $1.856M $1.916M $1.476M
YoY Change 3.14% 29.8% 168.38%
Operating Profit $1.014M $1.168M $301.6K
YoY Change -180.82% 287.17% -13.49%
Interest Expense -$1.200M $1.064M $501.1K
YoY Change 64.38% 112.41% 81.53%
% of Operating Profit -118.39% 91.15% 166.15%
Other Income/Expense, Net -$1.184M -$961.3K -$194.4K
YoY Change 144.31% 394.6% -24.8%
Pretax Income $367.9K $206.4K $107.2K
YoY Change 502.4% 92.48% 18.93%
Income Tax $0.00 $0.00 $6.857K
% Of Pretax Income 0.0% 0.0% 6.39%
Net Earnings $367.9K $206.4K $100.4K
YoY Change 572.91% 105.62% 2008.72%
Net Earnings / Revenue 10.79% 6.69% 5.65%
Basic Earnings Per Share
Diluted Earnings Per Share $39.83K $23.18K $15.13K
COMMON SHARES
Basic Shares Outstanding 9.062M shares 9.060M shares 6.530M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $2.700M $3.000M
YoY Change -3.85% -10.0% -92.39%
Cash & Equivalents $2.533M $2.701M $3.031M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.500M $2.700M $3.000M
YoY Change -3.85% -10.0% -92.39%
LONG-TERM ASSETS
Property, Plant & Equipment $221.8M $211.2M $113.2M
YoY Change 54.13% 86.57% 170.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K
YoY Change 0.0%
Other Assets $100.0K $1.400M $1.100M
YoY Change -92.86% 27.27% 266.67%
Total Long-Term Assets $226.2M $216.5M $117.6M
YoY Change 51.7% 84.06% 154.03%
TOTAL ASSETS
Total Short-Term Assets $2.500M $2.700M $3.000M
Total Long-Term Assets $226.2M $216.5M $117.6M
Total Assets $228.7M $219.2M $120.6M
YoY Change 50.74% 81.72% 40.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $2.700M $900.0K
YoY Change 84.21% 200.0% 28.57%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.100M $3.200M $1.300M
YoY Change 70.83% 146.15% 62.5%
LONG-TERM LIABILITIES
Long-Term Debt $141.7M $140.1M $57.30M
YoY Change 64.0% 144.5% 93.58%
Other Long-Term Liabilities $4.900M $4.800M $2.100M
YoY Change 68.97% 128.57% 600.0%
Total Long-Term Liabilities $146.6M $144.9M $59.40M
YoY Change 64.17% 143.94% 98.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.100M $3.200M $1.300M
Total Long-Term Liabilities $146.6M $144.9M $59.40M
Total Liabilities $150.7M $148.2M $60.83M
YoY Change 64.26% 143.58% 93.88%
SHAREHOLDERS EQUITY
Retained Earnings -$8.895M -$8.138M -$4.764M
YoY Change 64.58% 70.83% -259.2%
Common Stock $86.90M $79.16M $7.680K
YoY Change 32.93% 1030569.92% 17.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.01M $71.02M $59.79M
YoY Change
Total Liabilities & Shareholders Equity $228.7M $219.2M $120.6M
YoY Change 50.74% 81.72% 40.75%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $367.9K $206.4K $100.4K
YoY Change 572.91% 105.62% 2008.72%
Depreciation, Depletion And Amortization $800.0K $809.4K $447.3K
YoY Change 19.4% 80.98% 160.41%
Cash From Operating Activities $450.0K $2.690M $1.290M
YoY Change -70.2% 108.53% -1272.73%
INVESTING ACTIVITIES
Capital Expenditures -$9.770M -$31.06M -$27.36M
YoY Change -68.99% 13.52% 7294.59%
Acquisitions
YoY Change
Other Investing Activities -$110.0K -$370.0K -$300.0K
YoY Change -130.56% 23.33% 50.0%
Cash From Investing Activities -$9.880M -$31.44M -$27.66M
YoY Change -68.27% 13.67% 4839.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.250M 28.28M 25.56M
YoY Change -68.34% 10.64% -1187.66%
NET CHANGE
Cash From Operating Activities 450.0K 2.690M 1.290M
Cash From Investing Activities -9.880M -31.44M -27.66M
Cash From Financing Activities 9.250M 28.28M 25.56M
Net Change In Cash -180.0K -470.0K -810.0K
YoY Change -56.1% -41.98% -73.18%
FREE CASH FLOW
Cash From Operating Activities $450.0K $2.690M $1.290M
Capital Expenditures -$9.770M -$31.06M -$27.36M
Free Cash Flow $10.22M $33.75M $28.65M
YoY Change -69.05% 17.8% 10919.23%

Facts In Submission

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dei Document Type
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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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 nine months ended September&#xA0;30, 2014, and the <i>Condensed Consolidated Statement of Cash Flows</i> for the nine months ended September&#xA0;30, 2014, have been reclassified to conform to the current period&#x2019;s presentation. These reclassifications had no impact on previously-reported stockholders&#x2019; equity, net income (loss) or net change in cash and cash equivalents.</p> </div>
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt; 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 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
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8422748 shares
us-gaap Net Income Loss
NetIncomeLoss
200681
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1416231
us-gaap Payments Of Dividends
PaymentsOfDividends
2934088
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
8483023
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
13781387
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1027986
us-gaap Operating Income Loss
OperatingIncomeLoss
3016838
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-284864
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2816157
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-132741
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
8493131
us-gaap Interest And Other Income
InterestAndOtherIncome
47711
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
522443
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
222560
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
200681
us-gaap Tenant Reimbursements
TenantReimbursements
10108
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
1000000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
64885127
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
10080652
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
3044851
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
82108
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
53190476
us-gaap Dividends
Dividends
2934088
us-gaap Interest Expense
InterestExpense
2961100
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-68600005
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
64378605
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
410887
us-gaap Management Fee Expense
ManagementFeeExpense
981011
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1430977
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
258613
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
684793
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
74191
us-gaap Professional Fees
ProfessionalFees
364208
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
645448
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
14895206
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2312880
land Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
5205311
land Percentage Of Rental Revenue
PercentageOfRentalRevenue
1.000 pure
land Administration Fee
AdministrationFee
489510
land Number Of Farms Acquired
NumberOfFarmsAcquired
9 Farm
land Insurance Proceeds Received Capitalized As Real Estate Asset Additions
InsuranceProceedsReceivedCapitalizedAsRealEstateAssetAdditions
97232
land Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.15
land Business Acquisitions Pro Forma Net Income Loss Before Income Tax
BusinessAcquisitionsProFormaNetIncomeLossBeforeIncomeTax
1416231
land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
5476293
land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-161466
land Number Of Farms Acquired Not Covered Under Business Combination
NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
9 Farm
land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
15286
land Percentage Of Area Of Land
PercentageOfAreaOfLand
1.000 pure
land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.035 pure
land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
5797198
land Number Of Real Estate Farms
NumberOfRealEstateFarms
41 Farm
land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
100000
land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
30756
land Business Acquisitions Pro Forma Other Expense
BusinessAcquisitionsProFormaOtherExpense
3459110
land Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
9196650 shares
land Property Operating Expenses
PropertyOperatingExpenses
553909
land Offering Costs Included In Accounts Payable And Accrued Expenses
OfferingCostsIncludedInAccountsPayableAndAccruedExpenses
179575
land Management Fee Expense Net Of Credit To Incentive Fee
ManagementFeeExpenseNetOfCreditToIncentiveFee
660106
land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Contingent Consideration Owed
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed
642934
land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
97232
land Accretion Of Below Market Lease
AccretionOfBelowMarketLease
160324
land Credits To Fees From Adviser
CreditsToFeesFromAdviser
320905
land Real Estate Additions Included In Other Liabilities
RealEstateAdditionsIncludedInOtherLiabilities
700000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-125133
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14041271
CY2014 us-gaap Unusual Or Infrequent Item Insurance Proceeds
UnusualOrInfrequentItemInsuranceProceeds
495700
CY2014 us-gaap Dividends
Dividends
2458802
CY2014 us-gaap Loss From Catastrophes
LossFromCatastrophes
232737
CY2014 land Number Of Farms Acquired
NumberOfFarmsAcquired
11 Farm
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.02
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6605264 shares
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
100375
CY2014Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
1771106
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
301583
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-194351
CY2014Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
1777675
CY2014Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
9809
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
107232
CY2014Q3 us-gaap Tenant Reimbursements
TenantReimbursements
6569
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6857
CY2014Q3 us-gaap Interest Expense
InterestExpense
501094
CY2014Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
114140
CY2014Q3 land Administration Fee
AdministrationFee
144952
CY2014Q3 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
1476092
CY2014Q3 us-gaap Management Fee Expense
ManagementFeeExpense
300552
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
167069
CY2014Q3 us-gaap Professional Fees
ProfessionalFees
164269
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
72493
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
447251
CY2015Q3 us-gaap Interest Expense
InterestExpense
1064369
CY2015Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
62190
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9060314 shares
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
206395
CY2015Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
3080240
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1167653
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-961258
CY2015Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
3083553
CY2015Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
26688
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
206395
CY2015Q3 us-gaap Tenant Reimbursements
TenantReimbursements
3313
CY2014Q3 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
3768
CY2014Q3 land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.036 pure
CY2014Q3 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
1476092
CY2014Q3 land Property Operating Expenses
PropertyOperatingExpenses
137859
CY2014Q3 land Management Fee Expense Net Of Credit To Incentive Fee
ManagementFeeExpenseNetOfCreditToIncentiveFee
300552
CY2014Q3 land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
296934
CY2014Q3 land Accretion Of Below Market Lease
AccretionOfBelowMarketLease
48781
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.02
CY2015Q3 us-gaap Management Fee Expense
ManagementFeeExpense
356871
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
201768
CY2015Q3 us-gaap Professional Fees
ProfessionalFees
113165
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
193651
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
809445
CY2015Q3 land Administration Fee
AdministrationFee
180722
CY2015Q3 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
1915900
CY2015Q3 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
4496
CY2015Q3 land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.034 pure
CY2015Q3 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
1915900
CY2015Q3 land Property Operating Expenses
PropertyOperatingExpenses
191739
CY2015Q3 land Management Fee Expense Net Of Credit To Incentive Fee
ManagementFeeExpenseNetOfCreditToIncentiveFee
356871
CY2015Q3 land Gain Loss On Business Interruption Insurance Recovery
GainLossOnBusinessInterruptionInsuranceRecovery
76423
CY2015Q3 land Accretion Of Below Market Lease
AccretionOfBelowMarketLease
52591
CY2015Q3 land Write Off Of On Above Market Lease Intangible Asset
WriteOffOfOnAboveMarketLeaseIntangibleAsset
27274

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