Gladstone Land Corporation - 6. LANDP

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
43/100
Developing

Ranked against 23 peers in REIT - Specialty

About Gladstone Land Corporation - 6.

Gladstone Land Corporation is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. The Company currently owns 150 farms, comprised of approximately 103,000 acres in 15 different states and over 55,000 acre-feet of water assets in California. Gladstone Land's farms are predominantly located in regions where … Full LANDP analysis →

Key strengths

  • Efficient Property Management Property management is efficient (score 0.65).

Key risks

  • Weak AFFO Coverage AFFO generation is weak (score 0.17), threatening dividend sustainability.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Moderate
63
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where LANDP ranks in REIT - Specialty

Gladstone Land Corporation - 6. ranks #14 of 21 scored companies in REIT - Specialty by moat score — the top 67%. The widest moat in the group is Gaming and Leisure Properties, (GLPI) at 85/100.

# Company Moat score Rating
10 Crown Castle Inc. CCI 61/100 Moderate
11 Iron Mountain Incorporated (Del IRM 55/100 Moderate
12 Rayonier Inc. REIT RYN 51/100 Moderate
13 Gladstone Land Corporation - 6. LANDO 43/100 Developing
14 Gladstone Land Corporation - 6. LANDP 43/100 Developing
15 Uniti Group Inc. UNIT 43/100 Developing
16 Gladstone Land Corporation LAND 41/100 Developing
17 Gladstone Land Corporation - 5. LANDM 33/100 Developing
18 OUTFRONT Media Inc. OUT 32/100 Developing

See every Real Estate Investment Trusts company ranked by moat score →

How LANDP scores on the REIT Specialized defenses

Rent Pricing Power

Score 63 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 24 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 39 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 38 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 41 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 48 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding LANDP's moat

What is Gladstone Land Corporation - 6.'s moat score?

Gladstone Land Corporation - 6. (LANDP) scores 43 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #14 of 21 scored companies in REIT - Specialty, the top 67%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Specialty. Its strongest defense is Rent Pricing Power (63/100) and its weakest is AFFO Strength (24/100).

How does Gladstone Land Corporation - 6. compare with other REIT - Specialty companies?

Gladstone Land Corporation - 6. ranks #14 of 21 scored companies in REIT - Specialty by moat score. The widest moat in REIT - Specialty is Gaming and Leisure Properties, (GLPI) at 84/100. The companies ranked closest are Gladstone Land Corporation - 6. (LANDO) at 43 just above it and Uniti Group Inc. (UNIT) at 43 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Specialty. The defenses are then weighted to produce the overall score out of 100.

Why is Gladstone Land Corporation - 6. scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Gladstone Land Corporation - 6.?

The REIT Specialized template measures 6 defenses, and LANDP scores: Rent Pricing Power (63), AFFO Strength (24), Balance Sheet & Cost of Capital (39), Capital Recycling & Growth (38), Operational Efficiency (41), Portfolio Quality & Diversification (48). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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