Gladstone Land Corp
LANDReal Estate·REIT - Specialty·USA·Small·NASD·Nov 11 • 12:54 PM ET
7.39+0.51 (7.49%)
2026-11-11 18:55 CET
Market cap
296.78 USD m
Revenue, TTM
102.17 USD m
Net income, TTM
-19.19 USD m
Free cash flow, TTM
31.98 USD m
EPS diluted, TTM
-0.47
P/E
-
Price
LAND against its 20, 50 and 200-day averages2050200beatmissearnings
43.1% under the 52-week high of 13.00 on 25 Feb 2026. 52-week low 6.83 on 10 Nov 2026. Last 15 sessions, 30.9% high to low
Profile
LAND52-week range, 9% of the way up
6.8313.00
Gladstone Land Corp. is an agricultural real estate investment trust, which engages in the business of owning and leasing farmland. It also includes farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. The company was founded by David John Gladstone on June 14, 1997 and is headquartered in McLean, VA.
| Index | RUT |
|---|---|
| Employees | 75 |
| IPO | Jan 29, 2013 |
| Beta | 1.22 |
| ATR, 14d | 0.34 |
| Rel volume | 2.04 |
| Short float | 9.39% |
| Insider own | 0.05% |
| Inst own | 40.68% |
Snapshot
6 groupsValuation
| Index | RUT |
|---|---|
| Market Cap | 319.00M |
| Enterprise Value | 813.17M |
| Income | -19.19M |
| Sales | 102.17M |
| Book/sh | 15.36 |
| Cash/sh | 0.12 |
| Dividend Est. | 0.56 (7.57%) |
| Dividend TTM | 0.56 (7.63%) |
| Dividend Ex-Date | Nov 19, 2026 |
| Dividend Gr. 3/5Y | 0.60% 0.73% |
| Payout | - |
| Employees | 75 |
| IPO | Jan 29, 2013 |
Ratios
| P/E | - |
|---|---|
| Forward P/E | - |
| PEG | - |
| P/S | 3.12 |
| P/B | 0.48 |
| P/C | 63.67 |
| P/FCF | 9.97 |
| EV/EBITDA | 12.20 |
| EV/Sales | 7.96 |
| Quick Ratio | 1.65 |
| Current Ratio | 2.11 |
| Debt/Eq | 0.75 |
| LT Debt/Eq | 0.75 |
| Option/Short | Yes / Yes |
Earnings
| EPS (ttm) | -0.47 |
|---|---|
| EPS next Y | -0.26 |
| EPS next Q | 0.18 |
| EPS this Y | -75.38% |
| EPS next Y | 49.01% |
| EPS next 5Y | - |
| EPS past 3/5Y | 12.88% -7.78% |
| Sales past 3/5Y | -0.34% 9.15% |
| EPS Y/Y TTM | -60.95% |
| Sales Y/Y TTM | 50.29% |
| EPS Q/Q | 230.87% |
| Sales Q/Q | 76.95% |
| Earnings | Nov 11 BMO |
| EPS/Sales Surpr. | 212.08% 90.29% |
Ownership
| Insider Own | 0.05% |
|---|---|
| Insider Trans | 0.00% |
| Inst Own | 40.68% |
| Inst Trans | 1.59% |
| ROA | 0.21% |
| ROE | 0.37% |
| ROIC | 0.21% |
| Gross Margin | 40.26% |
| Oper. Margin | 31.03% |
| Profit Margin | -18.78% |
| SMA20 | -8.30% |
| SMA50 | -17.44% |
| SMA200 | -22.53% |
| Trades | - |
Technical
| Shs Outstand | 43.29M |
|---|---|
| Shs Float | 43.12M |
| Short Float | 9.39% |
| Short Ratio | 5.25 |
| Short Interest | 4.05M |
| 52W High | 13.00 -43.12% |
| 52W Low | 6.83 8.27% |
| Volatility | 4.47% 4.05% |
| ATR (14) | 0.34 |
| RSI (14) | 33.39 |
| Beta | 1.22 |
| Rel Volume | 2.04 |
| Avg Volume | 770.83K |
| Volume | 864,417 |
Performance
| Perf Week | 1.58% |
|---|---|
| Perf Month | -23.53% |
| Perf Quarter | -10.80% |
| Perf Half Y | -22.40% |
| Perf YTD | -19.18% |
| Perf Year | -25.98% |
| Perf 3Y | -46.53% |
| Perf 5Y | -72.54% |
| Perf 10Y | -28.69% |
| Recom | 2.60 |
| Target Price | 9.33 |
| Prev Close | 6.88 |
| Price | 7.39 |
| Change % | 7.49% |
Analyst ratings
latest 10 of 20| Date | Action | Analyst | Rating change | Target | Implied |
|---|---|---|---|---|---|
| Nov 08, 2024 | Downgrade | AAlliance Global Partners | Buy → Neutral | $16 → $14.50 | +96.1% |
| Aug 12, 2024 | Downgrade | MMaxim Group | Buy → Hold | ||
| Jun 11, 2024 | Initiated | AAlliance Global Partners | Buy | $16 | +116.4% |
| Dec 13, 2023 | Resumed | RB. Riley Securities | Neutral | $16 | +116.4% |
| Feb 22, 2023 | Upgrade | OOppenheimer | Perform → Outperform | $25 → $22 | +197.5% |
| Oct 29, 2021 | Initiated | OOppenheimer | Perform | $24 | +224.5% |
| Jul 21, 2021 | Downgrade | LLadenburg Thalmann | Buy → Neutral | ||
| May 26, 2021 | Downgrade | BBerenberg | Buy → Hold | $21 → $25 | +238.1% |
| Feb 10, 2021 | Initiated | DDA Davidson | Buy | $20 | +170.5% |
| Sep 17, 2020 | Initiated | BBerenberg | Buy | $18 | +143.4% |
Peers
Mkt cap| Ticker | Company | Mkt cap |
|---|---|---|
| FPI | Farmland Partners Inc | 374.03M |
| RYN | Rayonier Inc | 6.40B |
| WY | Weyerhaeuser Co | 14.72B |
| ALCO | Alico Inc | 277.01M |
| LMNR | Limoneira Co | 188.75M |
| LND | Brasilagro Companhia Brasileira De Propriedade Agricola ADR | 322.74M |
| MLP | Maui Land & Pineapple Co Inc | 299.67M |
| TRC | Tejon Ranch Co | 470.12M |
| CDZI | Cadiz Inc | 308.32M |
| AGRO | Adecoagro SA | 1.28B |
Held by
AUM| Ticker | Company | AUM |
|---|---|---|
| VNQ | Vanguard Real Estate Index Fund ETF | AUM: 38.99B |
| VTI | Vanguard Morningstar Total Stock Market ETF | AUM: 687.42B |
| IWM | iShares Russell 2000 Index Fund | AUM: 77.38B |
| BAIV | Brown Advisory International Value Select ETF | AUM: 196.86M |
| VXF | Vanguard Extended Market Index ETF | AUM: 30.47B |
| IWN | iShares Russell 2000 Value ETF | AUM: 14.10B |
| VTWO | Vanguard Russell 2000 Index ETF | AUM: 16.75B |
| SCHH | Schwab U.S. REIT ETF | AUM: 11.94B |
| USRT | iShares Core U.S. REIT ETF | AUM: 4.30B |
| IWC | iShares Micro-Cap ETF | AUM: 1.22B |
News
latest 14 of 103- Gladstone Land's Pistachio Bonus Delivers A Big Third-Quarter Beat, But A Halved 2026 Crop And A 2027 Debt Repricing Darken The Outlook (Earnings Whispers) +7.49%
- Gladstone: Q3 Earnings Snapshot (Associated Press)
- Gladstone Land Announces Third Quarter 2026 Results (ACCESSWIRE)
- Gladstone Land Corporation Earnings Call and Webcast Information (ACCESSWIRE)
- Gladstone Land Must Turn Record Nut Prices Into Cash As Shares Slide Toward Lows (Earnings Whispers)
- Loading…
- Gladstone Land Announces Earnings Release and Conference Call Dates for the Third Quarter Ended September 30, 2026 (ACCESSWIRE) -5.12%
- Gladstone Land Announces Monthly Cash Distributions for October, November and December 2026 (ACCESSWIRE)
- Gladstone Land Corp's Dividend Analysis (GuruFocus.com)
- Gladstone Land Corp (LAND) (Q2 2026) Earnings Call Highlights: Navigating Market Volatility ... (GuruFocus.com)
- Gladstone: Q2 Earnings Snapshot (Associated Press)
- Gladstone Land Announces Second Quarter 2026 Results (ACCESSWIRE)
- Gladstone Land Corporation Earnings Call and Webcast Information (ACCESSWIRE)
- Gladstone Land Announces Preferred Stock Repurchase Authorization (ACCESSWIRE)
Quarterly earnings
actual against estimate| Period | Reported | EPS act | EPS est | EPS rep | Sales act | Sales est | Analysts |
|---|---|---|---|---|---|---|---|
| 2026Q3 | 2026-11-11 | 0.142 | -0.127 | 0.142 | 31.47 | 16.54 | 3 |
| 2026Q2 | 2026-08-11 | -0.315 | -0.263 | -0.315 | 12.69 | 12.28 | 3 |
| 2026Q1 | 2026-05-11 | -0.244 | -0.223 | -0.244 | 16.55 | 14.20 | 4 |
| 2025Q4 | 2026-02-24 | -0.048 | 0.168 | -0.048 | 41.45 | 29.38 | 4 |
| 2025Q3 | 2025-11-05 | -0.108 | -0.265 | -0.108 | 17.79 | 14.26 | 4 |
| 2025Q2 | 2025-08-07 | -0.384 | -0.218 | -0.384 | 12.30 | 15.62 | 4 |
| 2025Q1 | 2025-05-12 | 0.252 | -0.065 | 0.252 | 16.80 | 16.47 | 4 |
| 2024Q4 | 2025-02-19 | -0.151 | -0.120 | -0.151 | 21.10 | 20.53 | 4 |
| 2024Q3 | 2024-11-06 | -0.161 | -0.103 | -0.162 | 22.57 | 21.92 | 4 |
| 2024Q2 | 2024-08-08 | -0.186 | -0.120 | -0.186 | 21.30 | 20.14 | 4 |
| 2024Q1 | 2024-05-07 | 0.208 | -0.103 | 0.208 | 20.25 | 22.31 | 3 |
| 2023Q4 | 2024-02-20 | -0.120 | -0.065 | -0.120 | 24.45 | 24.22 | 4 |
| 2023Q3 | 2023-11-07 | -0.083 | -0.093 | -0.083 | 23.53 | 22.38 | 3 |
| 2023Q2 | 2023-08-07 | 0.048 | -0.133 | 0.048 | 21.21 | 21.50 | 4 |
| 2023Q1 | 2023-05-08 | -0.122 | -0.088 | -0.122 | 21.20 | 21.83 | 5 |
| 2022Q4 | 2023-02-21 | -0.138 | -0.066 | -0.138 | 24.79 | 24.52 | 5 |
Annual earnings
| Period | EPS act | EPS est | EPS rep | Sales act | Sales est |
|---|---|---|---|---|---|
| 2016FY | 0.044 | 0.033 | 0.040 | 17.32 | 17.32 |
| 2017FY | -0.003 | 0.010 | -0.003 | 25.12 | 25.20 |
| 2018FY | 0.145 | 0.200 | 0.145 | 36.69 | 33.37 |
| 2019FY | -0.125 | -0.142 | -0.128 | 40.69 | 39.37 |
| 2020FY | -0.195 | -0.125 | -0.198 | 57.03 | 54.88 |
| 2021FY | -0.286 | -0.285 | -0.289 | 75.32 | 73.26 |
| 2022FY | -0.433 | -0.366 | -0.434 | 89.24 | 88.97 |
| 2023FY | -0.276 | -0.222 | -0.276 | 90.40 | 90.13 |
| 2024FY | -0.291 | -0.263 | -0.291 | 85.22 | 84.59 |
| 2025FY | -0.287 | -0.073 | -0.287 | 88.34 | 74.80 |
| 2026FY | - | -0.503 | - | - | 73.80 |
| 2027FY | - | -0.257 | - | - | 77.83 |
Estimate revisions
last 14 periods| Period | Type | Date | Estimates | Up | Down | Mean | Low | High |
|---|---|---|---|---|---|---|---|---|
| 2026Q4 | S | 2026-11-11 | 5 | 0 | 0 | 32.04 | 12.55 | 41.77 |
| 2026Q4 | S | 2026-10-31 | 5 | 0 | 0 | 32.04 | 12.55 | 41.77 |
| 2026Q4 | S | 2026-10-27 | 5 | 0 | 1 | 32.04 | 12.55 | 41.77 |
| 2026Q4 | S | 2026-10-26 | 5 | 0 | 2 | 32.04 | 12.55 | 41.77 |
| 2026Q4 | S | 2026-08-17 | 5 | 2 | 2 | 32.04 | 12.55 | 41.77 |
| 2026Q4 | S | 2026-08-13 | 5 | 2 | 1 | 33.16 | 12.55 | 41.77 |
| 2026Q4 | S | 2026-08-12 | 5 | 2 | 0 | 33.97 | 12.55 | 44.42 |
| 2026Q4 | S | 2026-07-29 | 5 | 0 | 0 | 33.21 | 10.24 | 44.42 |
| 2026Q4 | S | 2026-07-28 | 5 | 1 | 0 | 33.21 | 10.24 | 44.42 |
| 2026Q4 | S | 2026-07-26 | 5 | 1 | 1 | 33.21 | 10.24 | 44.42 |
| 2026Q4 | S | 2026-05-28 | 5 | 1 | 2 | 33.21 | 10.24 | 44.42 |
| 2026Q4 | S | 2026-05-17 | 6 | 1 | 2 | 33.18 | 10.24 | 44.42 |
| 2026Q4 | S | 2026-05-15 | 6 | 2 | 2 | 33.18 | 10.24 | 44.42 |
| 2026Q4 | S | 2026-05-14 | 6 | 1 | 3 | 31.25 | 10.24 | 42.19 |
Estimate history
| EPS, annual | -0.003 | 0.145 | -0.128 | -0.198 | -0.289 | -0.434 | -0.276 | -0.291 | -0.287 | -0.4658 |
|---|---|---|---|---|---|---|---|---|---|---|
| Period | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
| EPS, quarterly | -0.162 | -0.151 | 0.252 | -0.384 | -0.108 | -0.048 | -0.244 | -0.315 | 0.142 | |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
| Sales, annual | 25.133 | 36.687 | 40.692 | 57.031 | 75.318 | 89.236 | 90.398 | 85.216 | 88.339 | 102.17 |
| Period | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
| Sales, quarterly | 22.571 | 21.096 | 16.804 | 12.296 | 17.785 | 41.454 | 16.552 | 12.692 | 31.471 | |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
| Shares, annual | 13.792 | 17.891 | 20.937 | 26.219 | 34.21 | 35.05 | 35.838 | 36.185 | 38.015 | 43.293 |
| Period | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | MRQ |
| Shares, quarterly | 35.838 | 36.185 | 36.185 | 36.185 | 36.307 | 38.015 | 41.759 | 43.137 | 43.293 | |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
Income statement, annual
| Metric | TTM | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY |
|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 102.17 | 88.34 | 85.22 | 90.40 | 89.24 | 75.32 | 57.03 | 40.69 | 36.69 |
| Total Expenses | 70.47 | 64.35 | 53.84 | 56.91 | 55.31 | 43.61 | 29.38 | 21.39 | 25.67 |
| Operating Income | 31.70 | 23.99 | 31.38 | 33.48 | 33.92 | 31.70 | 27.65 | 19.31 | 11.02 |
| Unusual Expense | 10.99 | 3.78 | 2.39 | 1.02 | 0.06 | -0.07 | -0.07 | -0.01 | 0.19 |
| Net Income Before Taxes | -0.70 | 13.53 | 13.29 | 14.56 | 5.57 | 3.51 | 4.96 | 3.60 | 4.60 |
| Income Taxes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Consolidated Net Income | 2.47 | 13.53 | 13.29 | 14.56 | 4.72 | 3.51 | 4.96 | 3.60 | 4.60 |
| Net Income From Continuing Operations | 2.47 | 13.53 | 13.29 | 14.56 | 4.71 | 3.50 | 4.93 | 3.57 | 4.46 |
| Net Income | -19.19 | -10.48 | -10.46 | -9.85 | -15.01 | -8.76 | -4.40 | -0.67 | 4.08 |
| EPS (Recurring) | -0.27 | -0.21 | -0.24 | -0.26 | -0.43 | -0.29 | -0.20 | -0.13 | 0.15 |
| EPS (Basic, Before Extraordinaries) | -0.47 | -0.29 | -0.29 | -0.28 | -0.43 | -0.29 | -0.20 | -0.13 | 0.15 |
| EPS (Diluted) | -0.47 | -0.29 | -0.29 | -0.28 | -0.43 | -0.29 | -0.20 | -0.13 | 0.15 |
| Non-Operating Income (Expense) | -1.03 | 16.36 | 9.20 | 8.78 | -0.39 | -0.31 | -0.31 | 0.61 | 5.91 |
| Other After Tax Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Price To Earnings Ratio | - | - | - | - | - | - | - | - | 82.41 |
| Price To Sales Ratio | - | 3.78 | 4.57 | 5.71 | 7.11 | 13.61 | 5.71 | 6.25 | 4.85 |
| Gross Margin | 40.26 | 33.39 | 42.78 | 44.73 | 47.90 | 52.14 | 60.04 | 53.59 | 61.14 |
| Operating Margin | 31.03 | 27.16 | 36.82 | 37.04 | 38.01 | 42.09 | 48.48 | 47.44 | 30.03 |
| Net Margin | -18.78 | -11.87 | -12.27 | -10.90 | -16.82 | -11.63 | -7.71 | -1.64 | 11.13 |
| Shares Outstanding | 43.29 | 38.01 | 36.18 | 35.84 | 35.05 | 34.21 | 26.22 | 20.94 | 17.89 |
| Market Capitalization | 296.78 | 296.78 | 392.60 | 517.86 | 636.82 | 1,154.93 | 352.86 | 271.55 | 204.24 |
Income statement, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 | 2024Q4 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | 31.47 | 12.69 | 16.55 | 41.45 | 17.79 | 12.30 | 16.80 | 21.10 |
| Total Expenses | 16.21 | 12.81 | 15.72 | 25.73 | 12.98 | 12.51 | 13.13 | 13.82 |
| Operating Income | 15.26 | -0.12 | 0.83 | 15.72 | 4.81 | -0.21 | 3.68 | 7.28 |
| Unusual Expense | 2.19 | 4.22 | 0.98 | 3.60 | 0.32 | 0.00 | -0.14 | 0.00 |
| Net Income Before Taxes | 7.85 | -8.46 | -4.30 | 4.21 | 2.09 | -7.88 | 15.11 | 0.54 |
| Income Taxes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Consolidated Net Income | 11.03 | -8.46 | -4.30 | 4.21 | 2.09 | -7.88 | 15.11 | 0.54 |
| Net Income From Continuing Operations | 11.03 | -8.46 | -4.30 | 4.21 | 2.09 | -7.88 | 15.11 | 0.54 |
| Net Income | 6.12 | -13.52 | -9.98 | -1.79 | -3.92 | -13.88 | 9.11 | -5.46 |
| EPS (Recurring) | 0.18 | -0.25 | -0.23 | 0.02 | -0.10 | -0.38 | 0.25 | -0.15 |
| EPS (Basic, Before Extraordinaries) | 0.14 | -0.32 | -0.24 | -0.05 | -0.11 | -0.38 | 0.25 | -0.15 |
| EPS (Diluted) | 0.14 | -0.32 | -0.24 | -0.05 | -0.11 | -0.38 | 0.25 | -0.15 |
| Non-Operating Income (Expense) | -0.25 | 0.54 | 0.81 | -2.13 | 3.20 | -1.93 | 17.23 | -0.59 |
| Other After Tax Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Price To Sales Ratio | - | 4.14 | 4.73 | 3.88 | 4.88 | 5.06 | 4.66 | 4.60 |
| Gross Margin | 62.71 | 11.92 | 13.76 | 42.47 | 33.82 | 5.61 | 30.88 | 40.40 |
| Operating Margin | 48.49 | -0.91 | 5.04 | 37.92 | 27.04 | -1.74 | 21.88 | 34.49 |
| Net Margin | 19.43 | -106.55 | -60.33 | -4.33 | -22.01 | -112.88 | 54.19 | -25.90 |
| Shares Outstanding | 43.29 | 43.14 | 41.76 | 38.01 | 36.31 | 36.18 | 36.18 | 36.18 |
| Market Capitalization | 296.78 | 367.96 | 422.67 | 340.99 | 331.45 | 368.00 | 380.66 | 392.60 |
Balance sheet, annual
| Metric | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY | 2017FY |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 27.18 | 18.27 | 18.57 | 61.14 | 16.71 | 9.22 | 13.69 | 14.73 | 2.94 |
| Short Term Receivables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 1,145.20 | 1,164.48 | 1,248.90 | 1,334.43 | 1,283.80 | 1,046.20 | 792.08 | 538.95 | 449.49 |
| Investment in Unconsolidated Affiliates | 5.70 | 4.70 | 5.80 | 5.80 | 0.00 | 1.20 | 0.59 | 0.00 | 0.00 |
| Net Property, Plant & Equipment | 0.76 | 37.42 | 35.17 | 34.62 | 34.67 | 0.14 | 0.18 | 0.00 | 0.00 |
| Other Intangible Assets | 60.33 | 87.32 | 78.88 | 21.25 | 13.27 | 10.53 | 10.25 | 11.44 | 9.85 |
| Total Assets | 1,239.17 | 1,312.19 | 1,387.32 | 1,457.25 | 1,351.55 | 1,067.29 | 816.79 | 565.12 | 462.28 |
| Total Debt | 535.96 | 531.91 | 576.00 | 687.72 | 728.91 | 653.36 | 511.09 | 364.73 | 329.59 |
| Long Term Debt | 518.72 | 493.42 | 498.19 | 643.21 | 677.38 | 633.51 | 477.04 | 364.73 | 306.16 |
| Provision for Risks Charges | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 32.92 | 93.10 | 91.71 | 38.17 | 33.57 | 30.14 | 26.73 | 19.34 | 14.74 |
| Total Liabilities | 568.89 | 625.01 | 667.71 | 725.89 | 762.48 | 683.50 | 537.82 | 384.07 | 344.33 |
| Preferred Stock - Carrying Value | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
| Common Equity | 670.27 | 687.17 | 719.60 | 731.35 | 586.81 | 383.78 | 276.62 | 176.25 | 109.92 |
| Total Shareholders Equity | 670.29 | 687.18 | 719.61 | 731.36 | 586.82 | 383.79 | 276.62 | 176.25 | 109.92 |
| Accumulated Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 2.25 | 0.00 | 2.35 | 4.81 | 8.03 |
| Total Equity | 670.29 | 687.18 | 719.61 | 731.36 | 589.07 | 383.79 | 278.97 | 181.05 | 117.95 |
| Total Liabilities & Stockholders Equity | 1,239.17 | 1,312.19 | 1,387.32 | 1,457.25 | 1,351.55 | 1,067.29 | 816.79 | 565.12 | 462.28 |
| Book Value Per Share | 17.63 | 18.99 | 20.08 | 20.87 | 17.15 | 14.64 | 13.21 | 9.85 | 7.97 |
| Tangible Book Value Per Share | 17.57 | 18.91 | 19.85 | 20.59 | 17.02 | 14.49 | 12.98 | 9.53 | 7.57 |
| Full-Time Employees | 75 | 72 | 69 | 74 | 69 | 67 | 70 | 65 | 65 |
| Price to Book Ratio | 0.44 | 0.56 | 0.71 | 0.90 | 1.97 | 1.00 | 0.98 | 1.17 | 1.66 |
| Return on Assets | 1.06 | 0.98 | 1.02 | 0.34 | 0.29 | 0.52 | 0.52 | 0.87 | 0.46 |
| Return on Equity | 1.99 | 1.89 | 2.01 | 0.71 | 0.72 | 1.49 | 1.58 | 3.12 | 1.94 |
| Return on Invested Capital | 1.14 | 1.13 | 1.20 | 0.34 | 0.28 | 0.48 | 0.47 | 0.82 | 0.44 |
| Quick Ratio | 0.00 | 0.66 | 0.58 | 0.94 | 0.25 | 0.29 | 0.30 | 1.46 | 0.09 |
| Current Ratio | 0.07 | 0.66 | 0.58 | 0.94 | 0.25 | 0.29 | 0.30 | 1.46 | 0.14 |
Cash flow, annual
| Metric | TTM | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY |
|---|---|---|---|---|---|---|---|---|---|
| Funds from Operations | 62.36 | 51.13 | 48.38 | 49.43 | 45.55 | 33.95 | 24.28 | 15.18 | 8.23 |
| Extraordinary Item | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in Working Capital | -28.13 | -44.13 | -18.83 | -9.35 | -1.76 | -1.58 | 0.72 | 6.19 | 2.17 |
| Cash from Operating Activities | 34.22 | 6.99 | 29.55 | 40.08 | 43.79 | 32.38 | 25.00 | 21.37 | 10.41 |
| Capital Expenditures | -2.25 | -7.16 | -5.20 | -12.80 | -20.13 | -6.12 | -16.51 | -12.29 | -22.61 |
| Net Assets From Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Fixed Assets and Businesses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase or Sale of Investments | 12.96 | 91.23 | 68.50 | 9.04 | -64.80 | -288.88 | -256.18 | -250.59 | -71.30 |
| Purchase of Investments | -0.14 | -0.07 | 0.00 | 0.00 | -64.80 | -288.88 | -256.52 | -250.59 | -71.44 |
| Sale Or Maturity of Investments | 13.10 | 91.30 | 68.50 | 9.04 | 0.00 | 0.00 | 0.34 | 0.00 | 0.13 |
| Other Uses | 0.00 | 0.00 | 0.00 | 0.00 | -0.55 | 0.00 | -0.28 | 0.00 | 0.00 |
| Other Sources | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | 0.23 | 0.10 |
| Cash from Investing Activities | 10.71 | 84.07 | 63.31 | -3.77 | -85.48 | -295.00 | -272.90 | -262.65 | -93.81 |
| Cash Dividends Paid | -46.64 | -44.47 | -44.34 | -45.09 | -36.96 | -29.17 | -21.02 | -14.11 | -8.65 |
| Change in Capital Stock | -14.44 | 16.79 | -1.64 | 19.31 | 165.78 | 258.11 | 123.04 | 108.83 | 69.71 |
| Repurchase of Common Pref Stock | -82.55 | -0.10 | -6.63 | -1.19 | -8.57 | -29.00 | -0.68 | -0.34 | -0.52 |
| Sale of Common Pref Stock | 68.10 | 16.89 | 4.99 | 20.50 | 174.35 | 287.11 | 123.73 | 109.17 | 70.23 |
| Proceedsfrom Stock Options | 68.10 | 16.89 | 4.99 | 20.50 | 174.35 | 287.11 | 123.73 | 109.17 | 70.23 |
| Issuance or Reduction of Debt, Net | 10.29 | -54.36 | -47.12 | -52.91 | -41.72 | 43.98 | 142.64 | 146.82 | 35.24 |
| Change in Long Term Debt | 10.29 | -54.36 | -47.12 | 0.00 | 0.00 | 43.98 | 142.64 | 146.82 | 35.24 |
| Issuance of Long Term Debt | 90.20 | 13.50 | 3.40 | 0.00 | 0.00 | 67.91 | 178.35 | 201.26 | 98.49 |
| Reduction of Long Term Debt | -79.91 | -67.86 | -50.52 | 0.00 | 0.00 | -23.92 | -35.71 | -54.44 | -63.26 |
| Net Financing Active Other Cash Flow | 0.00 | 0.00 | 0.00 | -0.19 | -0.97 | -0.09 | -0.07 | -1.31 | -1.10 |
| Other Financing Activities Uses | -0.44 | -0.11 | -0.05 | -0.19 | -0.97 | -0.09 | -0.07 | -1.31 | -1.10 |
| Cash from Financing Activities | -51.24 | -82.16 | -93.15 | -78.88 | 86.13 | 270.11 | 243.43 | 240.24 | 95.19 |
| Net Change in Cash | -6.30 | 8.90 | -0.30 | -42.57 | 44.43 | 7.49 | -4.47 | -1.04 | 11.79 |
| Free Cash Flow | 31.98 | -0.17 | 24.35 | 27.28 | 23.66 | 26.26 | 8.49 | 9.08 | -12.20 |
| Preferred Dividends (Cash Flow) | - | -24.01 | -24.25 | -25.30 | -18.07 | -12.68 | -8.98 | -3.65 | -0.38 |
Balance sheet, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 5.01 | 22.55 | 8.62 | 27.18 | 11.31 | 30.48 |
| Short Term Receivables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 1,083.51 | 1,119.37 | 1,134.38 | 1,145.20 | 1,167.70 | 1,176.01 |
| Investment in Unconsolidated Affiliates | 5.60 | 5.70 | 5.60 | 5.70 | 5.60 | 5.60 |
| Net Property, Plant & Equipment | 0.00 | 0.00 | 0.00 | 0.76 | 37.20 | 37.10 |
| Other Intangible Assets | 87.59 | 44.58 | 55.11 | 60.33 | 3.96 | 9.39 |
| Total Assets | 1,181.72 | 1,192.20 | 1,203.71 | 1,239.17 | 1,225.78 | 1,258.59 |
| Total Debt | 499.17 | 492.06 | 488.23 | 535.96 | 492.54 | 505.55 |
| Long Term Debt | 496.56 | 480.73 | 477.01 | 518.72 | 489.81 | 486.67 |
| Provision for Risks Charges | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 17.51 | 27.03 | 27.16 | 32.92 | 71.44 | 82.97 |
| Total Liabilities | 516.68 | 519.09 | 515.39 | 568.89 | 563.98 | 588.51 |
| Preferred Stock - Carrying Value | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Common Equity | 665.02 | 673.10 | 688.31 | 670.27 | 661.78 | 670.06 |
| Total Shareholders Equity | 665.04 | 673.11 | 688.33 | 670.29 | 661.79 | 670.07 |
| Accumulated Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Equity | 665.04 | 673.11 | 688.33 | 670.29 | 661.79 | 670.07 |
| Total Liabilities & Stockholders Equity | 1,181.72 | 1,192.20 | 1,203.71 | 1,239.17 | 1,225.78 | 1,258.59 |
| Book Value Per Share | 15.36 | 15.60 | 16.48 | 17.63 | 18.23 | 18.52 |
| Tangible Book Value Per Share | 15.29 | 15.53 | 16.40 | 17.57 | 18.13 | 18.41 |
| Full-Time Employees | - | - | - | 75 | - | - |
| Price to Book Ratio | 0.44 | 0.52 | 0.58 | 0.50 | 0.49 | 0.53 |
| Return on Assets | 0.21 | -0.53 | -0.47 | 1.06 | 0.78 | 0.60 |
| Return on Equity | 0.37 | -0.96 | -0.85 | 1.99 | 1.46 | 1.13 |
| Return on Invested Capital | 0.95 | -0.73 | -0.37 | 0.35 | 0.18 | -0.68 |
| Quick Ratio | 1.65 | 0.80 | 0.27 | 0.65 | 0.73 | 1.25 |
| Current Ratio | 2.11 | 1.01 | 0.40 | 0.69 | 0.73 | 1.25 |
Cash flow, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|---|
| Funds from Operations | 22.78 | 6.06 | 10.94 | 22.57 | 10.90 | 5.85 |
| Extraordinary Item | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in Working Capital | -28.40 | 13.87 | -1.65 | -11.96 | -22.94 | -1.90 |
| Cash from Operating Activities | -5.62 | 19.93 | 9.29 | 10.61 | -12.04 | 3.95 |
| Capital Expenditures | -0.70 | -0.23 | -0.22 | -1.10 | -1.45 | -2.82 |
| Net Assets From Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Fixed Assets and Businesses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase or Sale of Investments | 4.27 | -0.07 | 0.00 | 8.76 | 20.45 | 0.00 |
| Purchase of Investments | 0.00 | -0.07 | 0.00 | -0.07 | 0.00 | 0.00 |
| Sale Or Maturity of Investments | 4.27 | 0.00 | 0.00 | 8.83 | 20.45 | 0.00 |
| Other Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Sources | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from Investing Activities | 3.58 | -0.31 | -0.22 | 7.66 | 19.01 | -2.82 |
| Cash Dividends Paid | -11.74 | -11.89 | -11.75 | -11.26 | -11.07 | -11.07 |
| Preferred Dividends (Cash Flow) | -5.69 | -5.86 | -5.99 | -6.00 | -6.00 | -6.00 |
| Change in Capital Stock | -8.59 | 4.80 | -26.34 | 15.70 | 1.11 | -0.00 |
| Repurchase of Common Pref Stock | -10.12 | -9.26 | -63.09 | -0.07 | -0.01 | 0.00 |
| Sale of Common Pref Stock | 1.53 | 14.06 | 36.75 | 15.77 | 1.12 | -0.00 |
| Proceedsfrom Stock Options | 1.53 | 14.06 | 36.75 | 15.77 | 1.12 | -0.00 |
| Issuance or Reduction of Debt, Net | 4.93 | 1.74 | 10.48 | -6.85 | -16.14 | -2.42 |
| Change in Long Term Debt | 4.93 | 1.74 | 10.48 | -6.85 | -16.14 | -2.42 |
| Issuance of Long Term Debt | 21.10 | 25.40 | 40.80 | 2.90 | 0.00 | 10.60 |
| Reduction of Long Term Debt | -16.17 | -23.66 | -30.32 | -9.75 | -16.14 | -13.02 |
| Net Financing Active Other Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.08 | -0.07 |
| Other Financing Activities Uses | -0.09 | -0.34 | -0.01 | 0.00 | -0.04 | -0.06 |
| Cash from Financing Activities | -15.50 | -5.70 | -27.63 | -2.41 | -26.14 | -13.56 |
| Net Change in Cash | -17.54 | 13.93 | -18.55 | 15.87 | -19.17 | -12.44 |
| Free Cash Flow | -6.31 | 19.70 | 9.08 | 9.52 | -13.48 | 1.13 |
Revenue breakdown
| Real Estate Investment Trusts | 2024: 85.22M 2025: 88.34M |
|---|---|
| United States | 2024: 85.22M 2025: 88.34M |
Short interest
shares short against float, oldest to newest| Settlement | Of float | Shares short | Float | Avg volume |
|---|---|---|---|---|
| 2026-10-30 | 9.39% | 4.0M | 43.1M | 714.24K |
| 2026-10-15 | 10.09% | 4.3M | 43.1M | 670.76K |
| 2026-09-30 | 9.62% | 4.1M | 43.1M | 679.95K |
| 2026-09-15 | 9.62% | 4.1M | 43.1M | 732.84K |
| 2026-08-31 | 7.71% | 3.3M | 43.1M | 678.87K |
| 2026-08-14 | 7.02% | 3.0M | 43.1M | 646.97K |
| 2026-07-31 | 6.90% | 3.0M | 43.1M | 632.42K |
| 2026-07-15 | 6.68% | 2.9M | 43.1M | 629.48K |
| 2026-06-30 | 5.93% | 2.6M | 43.1M | 608.12K |
| 2026-06-15 | 6.10% | 2.5M | 40.4M | 557.07K |
| 2026-05-29 | 5.55% | 2.2M | 40.5M | 556.69K |
| 2026-05-15 | 4.82% | 2.0M | 40.5M | 613.00K |
| 2026-04-30 | 4.85% | 1.9M | 39.4M | 641.43K |
| 2026-04-15 | 3.94% | 1.6M | 39.4M | 700.19K |
| 2026-03-31 | 3.99% | 1.6M | 39.1M | 733.60K |
| 2026-03-13 | 3.98% | 1.5M | 38.6M | 737.17K |
| 2026-02-27 | 4.87% | 1.9M | 38.6M | 709.08K |
| 2026-02-13 | 5.27% | 1.8M | 34.7M | 623.57K |
| 2026-01-30 | 5.16% | 1.8M | 34.7M | 575.99K |
| 2026-01-15 | 4.68% | 1.6M | 34.7M | 474.00K |
Option chain
expiry 2026-11-20| Type | Strike | Bid | Ask | Last | IV | Open int | Volume | Delta | Theta | Vega |
|---|---|---|---|---|---|---|---|---|---|---|
| call | 2.50 | 4.30 | 5.50 | 4.72 | 8.570 | 2.00 | 0.00 | 0.976 | -0.013 | 0.001 |
| call | 5.00 | 2.15 | 2.75 | 2.30 | 3.084 | 4.00 | 2.00 | 0.944 | -0.011 | 0.001 |
| call | 7.50 | 0.05 | 0.20 | 0.05 | 0.517 | 217 | 182 | 0.466 | -0.015 | 0.005 |
| call | 10.00 | 0.00 | 0.10 | 0.04 | 1.430 | 1,711 | 0.00 | 0.129 | -0.020 | 0.003 |
| call | 12.50 | 0.00 | 0.05 | 0.02 | 1.884 | 595 | 0.00 | 0.058 | -0.014 | 0.001 |
| call | 15.00 | 0.00 | 0.05 | 0.09 | 2.549 | 283 | 0.00 | 0.048 | -0.015 | 0.001 |
| call | 17.50 | 0.00 | 0.05 | 0.07 | 2.761 | 101 | 0.00 | 0.043 | -0.017 | 0.001 |
| call | 20.00 | 0.00 | 0.05 | 0.15 | 3.243 | 10.00 | 0.00 | 0.040 | -0.016 | 0.001 |
| call | 22.50 | 0.00 | 0.05 | 0.20 | 3.514 | 5.00 | 0.00 | 0.038 | -0.017 | 0.001 |
| put | 2.50 | 0.00 | 0.05 | 0.10 | 3.731 | 5.00 | 0.00 | -0.025 | -0.013 | 0.001 |
| put | 5.00 | 0.00 | 0.05 | 0.04 | 1.688 | 22.00 | 0.00 | -0.099 | -0.017 | 0.002 |
| put | 7.50 | 0.20 | 0.35 | 0.30 | 0.655 | 689 | 4.00 | -0.532 | -0.015 | 0.005 |
| put | 10.00 | 2.55 | 2.80 | 2.65 | 1.919 | 447 | 16.00 | -0.872 | -0.021 | 0.002 |
| put | 12.50 | 4.60 | 5.80 | 2.82 | 4.022 | 25.00 | 0.00 | -0.940 | -0.015 | 0.001 |
| put | 15.00 | 6.90 | 8.40 | 5.00 | 5.015 | 0.00 | 0.00 | -0.950 | -0.016 | 0.001 |
| put | 17.50 | 9.40 | 10.90 | 0.00 | 5.593 | 0.00 | 0.00 | -0.955 | -0.016 | 0.001 |
| put | 20.00 | 11.60 | 13.70 | 10.00 | 6.737 | 0.00 | 0.00 | -0.958 | -0.017 | 0.001 |
| put | 22.50 | 14.00 | 16.10 | 0.00 | 6.887 | 0.00 | 0.00 | -0.961 | -0.017 | 0.001 |
Latest SEC filings
30| Filed | Form | Description | Period | Link |
|---|---|---|---|---|
| 2026-11-10 | 8-K | Current report | 2026-11-10 | SEC |
| 2026-11-10 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2026-09-30 | SEC |
| 2026-10-30 | SCHEDULE 13G | SEC | ||
| 2026-10-26 | 4 | Statement of changes in beneficial ownership of securities | 2026-10-26 | SEC |
| 2026-10-26 | 8-K | Current report | 2026-10-22 | SEC |
| 2026-08-11 | 8-K | Current report | 2026-08-11 | SEC |
| 2026-08-11 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2026-06-30 | SEC |
| 2026-07-15 | 8-K | Current report | 2026-07-15 | SEC |
| 2026-06-05 | 3/A | 2026-06-01 | SEC | |
| 2026-06-03 | 3 | Initial statement of beneficial ownership of securities | 2026-06-01 | SEC |
| 2026-06-02 | 8-K | Current report | 2026-06-01 | SEC |
| 2026-05-14 | 8-K | Current report | 2026-05-14 | SEC |
| 2026-05-11 | 8-K | Current report | 2026-05-11 | SEC |
| 2026-05-11 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2026-03-31 | SEC |
| 2026-04-24 | 8-K | Current report | 2026-04-24 | SEC |
| 2026-04-24 | 424B5 | SEC | ||
| 2026-04-24 | 424B5 | SEC | ||
| 2026-04-23 | EFFECT | Effectiveness filing by commission order | SEC | |
| 2026-04-21 | CORRESP | SEC | ||
| 2026-04-13 | UPLOAD | Upload Submission | SEC | |
| 2026-04-07 | 3 | Initial statement of beneficial ownership of securities | 2026-03-20 | SEC |
| 2026-04-07 | 10-K/A | 2025-12-31 | SEC | |
| 2026-04-07 | S-3 | Registration statement for specified transactions by certain issuers including face-amount certificate companies | SEC | |
| 2026-04-07 | 8-K/A | 2026-03-12 | SEC | |
| 2026-03-30 | 3 | Initial statement of beneficial ownership of securities | 2026-03-20 | SEC |
| 2026-03-27 | ARS | Annual report to security holders. | 2025-12-31 | SEC |
| 2026-03-27 | DEFA14A | Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 | SEC | |
| 2026-03-27 | DEF 14A | Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 | 2026-05-14 | SEC |
| 2026-03-26 | SCHEDULE 13G/A | SEC | ||
| 2026-03-23 | 8-K | Current report | 2026-03-20 | SEC |
Insider activity by month
| Month | Bought | Buys | Sold | Sells |
|---|---|---|---|---|
| 2026-11 | 0 | 0 | 0 | 0 |
| 2026-10 | 0 | 0 | 0 | 0 |
| 2026-09 | 0 | 0 | 0 | 0 |
| 2026-08 | 0 | 0 | 0 | 0 |
| 2026-07 | 0 | 0 | 0 | 0 |
| 2026-06 | 0 | 0 | 0 | 0 |
| 2026-05 | 0 | 0 | 0 | 0 |
| 2026-04 | 0 | 0 | 0 | 0 |
| 2026-03 | 0 | 0 | 0 | 0 |
| 2026-02 | 0 | 0 | 0 | 0 |
| 2026-01 | 0 | 0 | 0 | 0 |
| 2025-12 | 0 | 0 | 0 | 0 |
| 2025-11 | 0 | 0 | 0 | 0 |
Institutional holders
| Manager | % owned |
|---|---|
| BlackRock, Inc. | 7.94% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 4.82% |
| VANGUARD CAPITAL MANAGEMENT LLC | 4.20% |
| FMR LLC | 3.07% |
| GEODE CAPITAL MANAGEMENT, LLC | 2.63% |
| STATE STREET CORP | 1.80% |
| TWO SIGMA INVESTMENTS, LP | 1.79% |
| COMPASS FINANCIAL MANAGEMENT LLC | 1.28% |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 1.02% |
| RENAISSANCE TECHNOLOGIES LLC | 0.85% |
Funds
| Fund | % owned |
|---|---|
| CBRE Global Real Estate Income Fund | 6.02% |
| VANGUARD REAL ESTATE INDEX FUND | 3.52% |
| VANGUARD TOTAL STOCK MARKET INDEX FUND | 3.02% |
| iShares Russell 2000 ETF | 2.48% |
| BNY Mellon Global Real Return Fund | 2.05% |
| Xtrackers International Real Estate ETF | 1.93% |
| ProShares Russell 2000 Dividend Growers ETF | 1.23% |
| Goldman Sachs ActiveBeta(R) International Equity ETF | 1.10% |
| VANGUARD EXTENDED MARKET INDEX FUND | 1.09% |
| Fidelity Small Cap Index Fund | 1.09% |
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