$LAND
Gladstone Land Corp

2016 Q2 Form 10-Q Financial Statement

#000119312516572591 Filed on May 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $4.244M $3.683M $2.626M
YoY Change 52.45% 40.27% 75.56%
Cost Of Revenue $540.0K $570.0K $500.0K
YoY Change 12.5% 14.0% -54.56%
Gross Profit $3.700M $3.120M $2.120M
YoY Change 60.87% 47.17% 436.46%
Gross Profit Margin 87.18% 84.71% 80.74%
Selling, General & Admin $750.0K $640.0K $530.0K
YoY Change 47.06% 20.75% 15.22%
% of Gross Profit 20.27% 20.51% 25.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.335M $977.0K $791.6K
YoY Change 87.55% 23.42% 174.84%
% of Gross Profit 36.08% 31.31% 37.34%
Operating Expenses $2.650M $2.282M $1.671M
YoY Change 40.29% 36.58% 51.87%
Operating Profit $1.594M $1.400M $954.5K
YoY Change 78.17% 46.67% 141.54%
Interest Expense $1.487M $1.255M $949.4K
YoY Change 56.96% 32.19% 153.81%
% of Operating Profit 93.29% 89.64% 99.46%
Other Income/Expense, Net -$1.478M -$1.160M -$929.9K
YoY Change 59.79% 24.74% 152.95%
Pretax Income $115.9K $240.0K $24.57K
YoY Change -482.52% 876.61% -10.77%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $108.0K $234.0K $24.57K
YoY Change -456.57% 852.23% 17.48%
Net Earnings / Revenue 2.54% 6.35% 0.94%
Basic Earnings Per Share
Diluted Earnings Per Share $11.01K $23.02K $2.581K
COMMON SHARES
Basic Shares Outstanding 9.993M shares 9.993M shares 7.754M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M $2.200M $2.200M
YoY Change -34.38% 0.0% -83.7%
Cash & Equivalents $2.077M $2.193M $2.180M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.100M $2.200M $2.200M
YoY Change -34.38% 0.0% -83.7%
LONG-TERM ASSETS
Property, Plant & Equipment $268.6M $250.0M $165.0M
YoY Change 48.81% 51.52% 117.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K $1.300M
YoY Change -92.31% -92.31% 85.71%
Total Long-Term Assets $273.1M $254.8M $169.9M
YoY Change 46.81% 49.95% 117.48%
TOTAL ASSETS
Total Short-Term Assets $2.100M $2.200M $2.200M
Total Long-Term Assets $273.1M $254.8M $169.9M
Total Assets $275.2M $257.0M $172.1M
YoY Change 45.43% 49.31% 87.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.900M $4.700M $2.400M
YoY Change 34.48% 95.83% 140.0%
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 $4.600M $5.300M $2.500M
YoY Change 31.43% 112.0% 92.31%
LONG-TERM LIABILITIES
Long-Term Debt $180.5M $159.7M $106.7M
YoY Change 63.35% 49.67% 157.73%
Other Long-Term Liabilities $7.800M $8.400M $3.800M
YoY Change 136.36% 121.05% 322.22%
Total Long-Term Liabilities $188.3M $168.1M $110.5M
YoY Change 65.47% 52.13% 161.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.600M $5.300M $2.500M
Total Long-Term Liabilities $188.3M $168.1M $110.5M
Total Liabilities $193.0M $173.5M $112.9M
YoY Change 64.48% 53.66% 158.55%
SHAREHOLDERS EQUITY
Retained Earnings -$10.99M -$9.860M -$6.194M
YoY Change 51.42% 59.18% 82.85%
Common Stock $87.50M $87.50M $65.37M
YoY Change 10.55% 33.86% 1000957.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.52M $77.64M $59.17M
YoY Change
Total Liabilities & Shareholders Equity $275.2M $257.0M $172.1M
YoY Change 45.43% 49.31% 87.84%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $108.0K $234.0K $24.57K
YoY Change -456.57% 852.23% 17.48%
Depreciation, Depletion And Amortization $1.335M $977.0K $791.6K
YoY Change 87.55% 23.42% 174.84%
Cash From Operating Activities $2.740M $4.233M $270.0K
YoY Change 104.48% 1467.78% -31.43%
INVESTING ACTIVITIES
Capital Expenditures -$21.33M -$20.93M -$20.27M
YoY Change 28.49% 3.26% 3954.0%
Acquisitions
YoY Change
Other Investing Activities -$150.0K -$220.0K $230.0K
YoY Change -71.7% -195.65%
Cash From Investing Activities -$21.48M -$21.15M -$20.03M
YoY Change 25.39% 5.59% 3873.9%
FINANCING ACTIVITIES
Cash Dividend Paid $814.1K
YoY Change 38.52%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.63M $16.58M 19.33M
YoY Change 11.09% -14.24% -839.33%
NET CHANGE
Cash From Operating Activities 2.740M $4.233M 270.0K
Cash From Investing Activities -21.48M -$21.15M -20.03M
Cash From Financing Activities 18.63M $16.58M 19.33M
Net Change In Cash -110.0K -$340.0K -430.0K
YoY Change -111.22% -20.93% -84.22%
FREE CASH FLOW
Cash From Operating Activities $2.740M $4.233M $270.0K
Capital Expenditures -$21.33M -$20.93M -$20.27M
Free Cash Flow $24.07M $25.16M $20.54M
YoY Change 34.17% 22.51% 2198.16%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
9992941 shares
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CY2016Q1 land Sec Schedule Iii Real Estate Investment Property Including Intangible Assets Net
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CY2016Q1 land Irrigation Equipment System
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NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
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CY2015Q1 land Amortization Of Above Market Lease
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CY2015Q1 land Number Of Real Estate Farms
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CY2015Q1 land Property Operating Expenses
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320905
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016Q1 dei Document Fiscal Year Focus
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CY2016Q1 dei Amendment Flag
AmendmentFlag
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BelowMarketLeasePeriodIncreaseDecrease
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CY2016Q1 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
On or after 12 months after becoming a holder of OP Units, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the partnership agreement of the Operating Partnership, to require the Operating Partnership to redeem all or a portion of such units in exchange for cash or, at the Company’s option, shares of our common stock on a one-for-one basis.
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001495240
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
GLADSTONE LAND Corp
CY2016Q1 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
0 shares
CY2016Q1 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 31, 2015, the <i>Condensed Consolidated Statement of Operations</i> for the three months ended March 31, 2015, and the <i>Condensed Consolidated Statement of Cash Flows</i> for the three months ended March 31, 2015, have been reclassified to conform to the current period&#x2019;s presentation.&#xA0;These reclassifications had no impact on previously-reported stockholders&#x2019; equity, net income or net change in cash and cash equivalents.</p> </div>
CY2016Q1 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
745879 shares
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2016Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-13083
CY2016Q1 dei Trading Symbol
TradingSymbol
LAND
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9992941 shares
CY2016Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
3682677
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
187238
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1160208
CY2016Q1 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
200000
CY2016Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
29835
CY2016Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
6426353
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
234416
CY2016Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
94641
CY2016Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
156241
CY2016Q1 us-gaap Profit Loss
ProfitLoss
239992
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1199153
CY2016Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
3679474
CY2016Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
215006
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1400200
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-40407
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
22966
CY2016Q1 us-gaap Tenant Reimbursements
TenantReimbursements
3203
CY2016Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
216725
CY2016Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
19067237
CY2016Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
3761746
CY2016Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
1865770
CY2016Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
6451853
CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3869
CY2016Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2700000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-339162
CY2016Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
15531000
CY2016Q1 us-gaap Dividends
Dividends
1228988
CY2016Q1 us-gaap Interest Expense
InterestExpense
1254849
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-21149732
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
16576802
CY2016Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
95224
CY2016Q1 us-gaap Management Fee Expense
ManagementFeeExpense
387154
CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
3527927
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-530117
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
431326
CY2016Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
34354
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
176725
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
976710
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
5576
CY2016Q1 land Percentage Of Rental Revenue
PercentageOfRentalRevenue
1.000 pure
CY2016Q1 land Administration Fee
AdministrationFee
211860
CY2016Q1 land Number Of Farms Acquired
NumberOfFarmsAcquired
3 Farm
CY2016Q1 land Related Party Transaction Net Incentive Fees Paid And Credits Received
RelatedPartyTransactionNetIncentiveFeesPaidAndCreditsReceived
387154
CY2016Q1 land Operating Partnership Units Held Outside
OperatingPartnershipUnitsHeldOutside
745879 shares
CY2016Q1 land Common Stock Offering And Operating Partnership Unit Issuance Costs Included In Accounts Payable And Accrued Expenses
CommonStockOfferingAndOperatingPartnershipUnitIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
36475
CY2016Q1 land Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.01
CY2016Q1 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
2282477
CY2016Q1 land Amortization Of Deferred Rent Asset And Liability Net
AmortizationOfDeferredRentAssetAndLiabilityNet
-42422
CY2016Q1 land Number Of Farms Acquired Not Covered Under Business Combination
NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
3 Farm
CY2016Q1 land Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
1627
CY2016Q1 land Percentage Of Area Of Land
PercentageOfAreaOfLand
1.000 pure
CY2016Q1 land Debt Instrument Weighted Average Interest Rate
DebtInstrumentWeightedAverageInterestRate
0.0329 pure
CY2016Q1 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
2282477
CY2016Q1 land Number Of Real Estate Farms
NumberOfRealEstateFarms
46 Farm
CY2016Q1 land Weighted Average Number Of Operating Partnership Units Held By Noncontrolling Interest
WeightedAverageNumberOfOperatingPartnershipUnitsHeldByNoncontrollingInterest
237698 shares
CY2016Q1 land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
200000
CY2016Q1 land Financing Fees Included In Accounts Payable And Accrued Liabilities
FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities
27079
CY2016Q1 land Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
10738820 shares
CY2016Q1 land Property Operating Expenses
PropertyOperatingExpenses
180203
CY2016Q1 land Additions To Real Estate Included In Accounts Payable And Accrued Expenses And Contingent Consideration Owed
AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndContingentConsiderationOwed
3188897
CY2016Q1 land Real Estate Additions Included In Other Liabilities
RealEstateAdditionsIncludedInOtherLiabilities
5935

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