Gladstone Land Corporation(NASDAQ:LAND) 
Founded in 1997, Gladstone Land 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. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair va...
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
lease revenue | 14,795,000 | 29,290,000 | 17,736,000 | 12,296,000 | 16,803,000 | 21,096,000 | 22,571,000 | 21,270,000 | 19,826,000 | 24,373,000 | 23,534,000 | 21,210,000 | 21,202,000 | 24,791,000 | 24,209,000 | 20,293,000 | 19,943,000 | 22,800,000 | 19,591,000 | 16,893,000 | 16,034,000 | 15,124,000 | 13,989,000 | 12,638,000 | 15,280,000 | 7,830,000 | ||||||||||||||||||||||
crop sales | 1,749,000 | |||||||||||||||||||||||||||||||||||||||||||||||
other operating revenue | 8,000 | 49,000 | 1,000 | 27,000 | 426,000 | |||||||||||||||||||||||||||||||||||||||||||
total operating revenues | 16,552,000 | 41,454,000 | 17,785,000 | 12,296,000 | 16,804,000 | 21,096,000 | 22,571,000 | 21,297,000 | 20,252,000 | 24,452,000 | 23,534,000 | 21,210,000 | 21,202,000 | 24,791,000 | 24,209,000 | 20,293,000 | 19,943,000 | 22,800,000 | 19,591,000 | 16,893,000 | 16,034,000 | 15,124,000 | 13,989,000 | 12,638,000 | 15,280,000 | 13,489,000 | 11,012,000 | 8,362,000 | 7,830,000 | 8,030,000 | 8,017,000 | 11,394,000 | 9,245,000 | 6,812,000 | 6,564,000 | 5,996,000 | 5,750,000 | 4,920,325 | 4,469,174 | 4,244,441 | 3,682,677 | 3,408,330 | 3,083,553 | 2,783,853 | 2,625,724 | 2,345,676 | 1,777,675 | 1,565,935 |
operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
depreciation and amortization | 10,370,000 | 9,351,000 | 8,395,000 | 8,374,000 | 8,429,000 | 8,648,000 | 8,805,000 | 8,813,000 | 8,789,000 | 9,754,000 | 9,244,000 | 9,044,000 | 9,119,000 | 9,483,000 | 9,146,000 | 8,392,000 | 8,346,000 | 7,903,000 | 6,944,000 | 6,285,000 | 6,051,000 | 4,645,000 | 3,909,000 | 3,843,000 | 4,257,000 | 3,838,000 | 3,419,000 | 2,936,000 | 2,597,000 | 2,570,000 | 2,374,000 | 2,242,000 | 2,189,000 | 2,114,000 | 2,051,000 | 1,599,000 | 1,472,000 | 1,443,720 | 1,431,846 | 1,334,973 | 976,710 | 800,612 | 809,445 | 711,803 | 791,632 | 669,875 | 447,251 | 330,486 |
property operating expenses | 2,117,000 | 2,943,000 | 1,383,000 | 1,242,000 | 1,128,000 | 1,858,000 | 1,380,000 | 1,219,000 | 877,000 | 1,457,000 | 729,000 | 887,000 | 1,128,000 | 716,000 | 706,000 | 695,000 | 703,000 | 505,000 | 696,000 | 906,000 | 429,000 | 323,000 | 287,000 | 717,000 | 521,000 | 534,000 | 536,000 | 586,000 | 816,000 | 662,000 | 621,000 | 318,000 | 428,000 | 418,000 | 257,000 | 242,000 | 248,000 | 170,257 | 160,913 | 158,578 | 180,203 | 175,127 | 191,739 | 156,405 | 205,766 | 149,590 | 137,859 | 81,480 |
cost of sales | -158,000 | |||||||||||||||||||||||||||||||||||||||||||||||
base management fee | 1,945,000 | 1,967,000 | 1,992,000 | 1,990,000 | 2,058,000 | 2,067,000 | 2,070,000 | 2,076,000 | 2,156,000 | 2,156,000 | 2,150,000 | 2,148,000 | 2,149,000 | 2,142,000 | 2,086,000 | 2,043,000 | 2,037,000 | 1,835,000 | 1,748,000 | 1,376,000 | 1,369,000 | 1,130,000 | 1,078,000 | 1,047,000 | 1,034,000 | 882,000 | 862,000 | 974,000 | 905,000 | 735,000 | 690,000 | |||||||||||||||||
capital gains fee | 188,000 | -150,000 | 778,000 | |||||||||||||||||||||||||||||||||||||||||||||
administration fee | 720,000 | 754,000 | 650,000 | 572,000 | 642,000 | 613,000 | 683,000 | 553,000 | 603,000 | 547,000 | 619,000 | 514,000 | 575,000 | 535,000 | 543,000 | 463,000 | 463,000 | 411,000 | 412,000 | 347,000 | 357,000 | 364,000 | 344,000 | 357,000 | 384,000 | 341,000 | 311,000 | 250,000 | 306,000 | 340,000 | 387,000 | 275,000 | 274,000 | 164,000 | 211,000 | 219,000 | 227,000 | 143,710.5 | 183,605 | 179,377 | 190,080 | 180,722 | 177,852 | 130,936 | 166,427 | 144,952 | 65,047 | |
general and administrative expenses | 723,000 | 583,000 | 556,000 | 520,000 | 682,000 | 633,000 | 655,000 | 772,000 | 566,000 | 743,000 | 605,000 | 790,000 | 786,000 | 757,000 | 729,000 | 567,000 | 684,000 | 557,000 | 462,000 | 581,000 | 539,000 | 640,000 | 419,000 | 490,000 | 553,000 | 524,000 | 447,000 | 469,000 | 550,000 | 401,000 | 443,000 | 367,000 | 419,000 | 420,000 | 374,000 | 387,000 | 446,000 | 297,664 | 356,513 | 408,365 | 431,326 | 161,445 | 201,768 | 252,579 | 230,446 | 185,800 | 167,069 | 206,975 |
impairment charge | 884,000 | 3,605,000 | 316,000 | 2,106,000 | ||||||||||||||||||||||||||||||||||||||||||||
total operating expenses | 16,601,000 | 32,061,000 | 13,292,000 | 12,510,000 | 13,819,000 | 15,808,000 | 13,433,000 | 12,991,000 | 15,639,000 | 14,136,000 | 13,383,000 | 13,757,000 | 15,224,000 | 14,566,000 | 12,160,000 | 13,364,000 | 13,005,000 | 11,207,000 | 9,495,000 | 9,907,000 | 7,985,000 | 6,858,000 | 6,454,000 | 8,083,000 | 6,966,000 | 5,575,000 | 5,215,000 | 5,174,000 | 4,565,000 | 5,468,000 | 9,096,000 | 6,459,000 | 3,864,000 | 3,699,000 | 3,090,000 | 3,146,000 | ||||||||||||
other income: | ||||||||||||||||||||||||||||||||||||||||||||||||
other income | 1,455,000 | 210,000 | 79,000 | 267,000 | 1,952,000 | 83,000 | 370,000 | 497,000 | 2,428,000 | 268,000 | 382,000 | 364,000 | 2,620,000 | 374,000 | 237,000 | 63,000 | 2,767,000 | 17,000 | 20,000 | 20,000 | 2,235,000 | 204,000 | 323,000 | 21,000 | 1,324,000 | 1,000 | 62,000 | 48,000 | 826,000 | 49,000 | 1,000 | 9,000 | 315,000 | 16,000 | 4,000 | 184,000 | 3,716 | 2,354 | 8,643 | 94,641 | 19,430 | 25,902 | 8,838 | |||||
interest expense | -4,725,000 | -5,020,000 | -4,850,000 | -4,976,000 | -5,177,000 | -5,393,000 | -5,402,000 | -5,535,000 | -5,555,000 | -5,830,000 | -5,856,000 | -5,942,000 | -6,036,000 | -6,292,000 | -6,476,000 | -6,523,000 | -6,448,000 | -6,423,000 | -6,126,000 | -6,141,000 | -6,193,000 | -5,466,000 | -5,202,000 | -4,990,000 | -4,963,000 | -4,935,000 | -4,401,000 | -3,543,000 | -3,453,000 | -2,182,000 | -3,082,000 | -2,815,000 | -2,832,000 | -2,778,000 | -2,634,000 | -2,193,000 | -2,157,000 | -1,718,995 | -1,554,668 | -1,486,820 | -1,254,849 | -1,199,382 | -1,064,369 | -947,362 | -949,369 | -728,155 | -501,094 | -405,797 |
dividends declared on cumulative term preferred stock | -243,000 | -755,000 | -755,000 | -755,000 | -755,000 | -755,000 | -755,000 | -755,000 | -755,000 | -755,000 | -755,000 | -755,000 | -755,000 | |||||||||||||||||||||||||||||||||||
gain on dispositions of real estate assets | -459,000 | -2,441,000 | 3,062,000 | -2,149,000 | 15,410,000 | -755,000 | -832,000 | -2,800,000 | 10,273,000 | -702,000 | -4,000 | 6,394,000 | -567,000 | -174,000 | -134,000 | 13,000 | -715,000 | 6,247,000 | ||||||||||||||||||||||||||||||
property and casualty (loss) recovery | -93,000 | 34,250 | -1,016,000 | |||||||||||||||||||||||||||||||||||||||||||||
loss from investments in unconsolidated entities | -191,000 | -51,000 | -136,000 | -85,000 | -85,000 | 25,000 | -24,000 | -33,000 | -27,000 | -19,000 | -24,000 | -29,000 | ||||||||||||||||||||||||||||||||||||
total other income | -4,256,000 | 340,500 | -2,406,000 | -7,664,000 | 11,431,000 | -8,687,000 | 6,306,000 | 28,000 | -2,994,500 | -4,914,000 | -4,592,000 | 2,675,000 | -2,431,000 | -2,173,482 | -1,771,233 | -1,478,177 | -1,160,208 | -1,184,079 | -961,258 | -924,960 | -929,939 | -484,660 | -194,351 | -651,948 | ||||||||||||||||||||||||
net income | -4,305,000 | 4,212,000 | 2,087,000 | -7,878,000 | 15,108,000 | 540,000 | 6,000 | -823,000 | 13,567,000 | 1,819,000 | 3,141,000 | 7,855,000 | 1,750,000 | 1,110,000 | 1,806,000 | 613,000 | 1,187,000 | 1,988,000 | 1,503,000 | -531,000 | 554,000 | 91,000 | 1,581,000 | 182,000 | 3,101,000 | 958,000 | 523,000 | 174,000 | 108,000 | -1,083,000 | 6,020,000 | -1,852,000 | -318,000 | -215,000 | -247,000 | 255,000 | 173,000 | 83,034 | 34,601 | 115,860 | 239,992 | 367,864 | 206,395 | -30,289 | 24,574 | 54,670 | 100,375 | -301,094 |
yoy | -128.49% | 680.00% | 34683.33% | 857.23% | 11.36% | -70.31% | -99.81% | -110.48% | 675.26% | 63.87% | 73.92% | 1181.40% | 47.43% | -44.16% | 20.16% | -215.44% | 114.26% | 2084.62% | -4.93% | -391.76% | -82.13% | -90.50% | 202.29% | 4.60% | 2771.30% | -188.46% | -91.31% | -109.40% | -133.96% | 403.72% | -2537.25% | -826.27% | -283.82% | -358.93% | -813.85% | 120.09% | -27.91% | -77.43% | -83.24% | -482.52% | 876.61% | 572.88% | 105.62% | -89.94% | ||||
qoq | -202.21% | 101.82% | -126.49% | -152.14% | 2697.78% | 8900.00% | -100.73% | -106.07% | 645.85% | -42.09% | -60.01% | 348.86% | 57.66% | -38.54% | 194.62% | -48.36% | -40.29% | 32.27% | -383.05% | -195.85% | 508.79% | -94.24% | 768.68% | -94.13% | 223.70% | 83.17% | 200.57% | 61.11% | -109.97% | -117.99% | -425.05% | 482.39% | 47.91% | -12.96% | -196.86% | 47.40% | 108.35% | 139.98% | -70.14% | -51.72% | -34.76% | 78.23% | -781.42% | -223.26% | -55.05% | -45.53% | -133.34% | |
dividends declared on cumulative redeemable preferred stock | -5,988,000 | -6,002,000 | -6,002,000 | -6,002,000 | -6,002,000 | -6,003,000 | -6,024,000 | -6,105,000 | -6,118,000 | -6,114,000 | -6,105,000 | -6,084,000 | -6,068,000 | |||||||||||||||||||||||||||||||||||
gain on extinguishment of cumulative redeemable preferred stock | 308,000 | 231,000 | 274,000 | |||||||||||||||||||||||||||||||||||||||||||||
net income attributable to common stockholders | -9,985,000 | -13,880,000 | 9,106,000 | -6,654,000 | 7,449,000 | 1,727,000 | -2,211,000 | 934,000 | -1,301,000 | 5,593,000 | -1,745,000 | |||||||||||||||||||||||||||||||||||||
net income per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | -240 | -380 | 250 | |||||||||||||||||||||||||||||||||||||||||||||
weighted-average shares of common stock outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | 40,856,330,000 | 36,506,720,000 | 36,190,889,000 | 36,184,658,000 | 36,184,658,000 | 35,909,956,000 | 35,838,442,000 | 35,838,442,000 | 35,838,442,000 | 35,733,742,000 | 35,822,123,000 | 35,722,836,000 | 35,547,397,000 | 34,563,460,000 | 34,607,440,000 | 34,520,068,000 | 34,285,002,000 | 30,357,268,000 | 31,362,423,000 | 29,360,515,000 | 26,874,630,000 | 22,258,121,000 | 21,991,291,000 | 21,418,455,000 | 21,262,080,000 | 19,602,533,000 | 20,763,615,000 | 18,641,738,000 | 18,028,826,000 | 15,503,341,000 | 16,057,957,000 | 15,506,512,000 | 13,957,732,000 | 12,055,791,000 | 12,271,925,000 | 11,850,624,000 | 10,395,736,000 | 10,007,350 | 10,018,331 | 9,992,941 | 9,992,941 | |||||||
change in fair value related to interest rate hedging instruments | 78,000 | -153,000 | -409,000 | -856,000 | -1,318,000 | 1,857,000 | -2,565,000 | -33,000 | 1,008,000 | -2,905,000 | 1,557,000 | 1,355,000 | -1,648,000 | -448,000 | 3,199,000 | 2,562,000 | 4,730,000 | -49,000 | 357,000 | -1,211,000 | 1,367,000 | |||||||||||||||||||||||||||
comprehensive income | -4,227,000 | 4,059,000 | 1,678,000 | -8,734,000 | 13,790,000 | 2,397,000 | -2,559,000 | -856,000 | 14,575,000 | -1,086,000 | 4,698,000 | 9,210,000 | 102,000 | |||||||||||||||||||||||||||||||||||
incentive fee | 109,000 | 982,000 | 789,000 | 1,589,000 | 505,000 | 1,131,000 | 1,794,000 | 945,000 | 1,162,000 | 883,000 | 821,000 | 1,334,000 | 172,000 | 261,000 | 76,000 | 350,000 | 45,230.75 | 22,046 | 158,877 | |||||||||||||||||||||||||||||
incentive fee waiver | -109,000 | |||||||||||||||||||||||||||||||||||||||||||||||
total operating expenses, net of credits to fees | 29,338,000 | 13,292,000 | 13,127,000 | 13,819,000 | 15,699,000 | 7,985,000 | 6,858,000 | 6,454,000 | 8,083,000 | 6,965,000 | 5,575,000 | 4,241,000 | 4,605,000 | 4,521,000 | 4,672,000 | 8,922,000 | 3,864,000 | 3,645,000 | 2,663,809 | 2,663,340 | 2,650,404 | 2,282,477 | 1,856,387 | 1,915,900 | 1,889,182 | 1,671,211 | 1,799,947 | 1,476,092 | 1,208,458 | |||||||||||||||||||
gain from investments in unconsolidated entities | -32,000 | 58,000 | -35,750 | 28,000 | ||||||||||||||||||||||||||||||||||||||||||||
net loss attributable to common stockholders | -1,795,000 | -3,915,000 | -5,463,000 | -5,787,000 | -4,295,000 | -2,964,000 | -4,320,000 | -4,806,000 | -3,594,000 | -3,873,000 | -2,737,000 | -1,444,000 | -1,639,000 | -3,469,000 | -2,415,000 | -837,000 | -2,078,000 | -720,000 | -496,000 | |||||||||||||||||||||||||||||
net loss per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | -50 | -110 | -35 | -160 | ||||||||||||||||||||||||||||||||||||||||||||
capital gains fee credit | -188,000 | |||||||||||||||||||||||||||||||||||||||||||||||
property and casualty recovery | 137,000 | 12,250 | 49,000 | 2,000 | 1,000 | 66,000 | 216,507 | 296,934 | ||||||||||||||||||||||||||||||||||||||||
net income attributable to non-controlling interests | 1,000 | -2,000 | -9,000 | -11,000 | -8,000 | -1,000 | -42,000 | -12,000 | -6,000 | |||||||||||||||||||||||||||||||||||||||
net income attributable to the company | 15,108,000 | 540,000 | 6,000 | -823,000 | 13,567,000 | 1,819,000 | 3,141,000 | 7,855,000 | 1,750,000 | 1,111,000 | 1,804,000 | 616,000 | 1,178,000 | 1,977,000 | 1,495,000 | -530,000 | 553,000 | 114,000 | 1,568,000 | 184,000 | 3,059,000 | 946,000 | 517,000 | 173,000 | 105,000 | -1,014,000 | 5,683,000 | -1,742,000 | -297,000 | -189,000 | -221,000 | 227,000 | 152,000 | 73,990 | 31,883 | 107,813 | 234,416 | |||||||||||
comprehensive income attributable to non-controlling interests | ||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income attributable to the company | 13,790,000 | 2,397,000 | -2,559,000 | -856,000 | 14,575,000 | -1,086,000 | 4,698,000 | 9,210,000 | 102,000 | 663,000 | 5,003,000 | 3,178,000 | 5,908,000 | 1,928,000 | 1,852,000 | -1,741,000 | 1,920,000 | |||||||||||||||||||||||||||||||
property and casualty loss | -275,000 | -9,000 | -7,000 | -65,000 | -129,000 | -250,478 | ||||||||||||||||||||||||||||||||||||||||||
total other expense | -6,737,000 | -6,866,000 | -6,994,000 | -6,257,000 | -5,695,000 | -8,457,000 | -7,837,000 | -7,520,000 | -5,392,000 | -7,807,000 | -6,881,000 | -7,929,000 | -5,573,000 | -7,048,000 | -5,550,000 | -6,002,000 | -4,096,000 | -3,947,000 | -3,117,000 | -4,324,000 | -3,104,000 | -3,163,000 | -3,166,000 | -2,651,000 | ||||||||||||||||||||||||
income per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | -190 | 210 | 50 | -80 | ||||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of cumulative redeemable preferred stock | -44,000 | -2,000 | ||||||||||||||||||||||||||||||||||||||||||||||
write-off of costs associated with offering of series c cumulative redeemable preferred stock | 2,000 | 851,000 | ||||||||||||||||||||||||||||||||||||||||||||||
loss per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | -120 | -80 | -120 | -130 | -100 | -110 | -80 | -40 | -50 | -120 | -110 | -40 | -100 | -40 | -30 | |||||||||||||||||||||||||||||||||
net loss attributable to non-controlling interests | 3,000 | 1,000 | -13,000 | -13,000 | 2,000 | -1,000 | -3,000 | 69,000 | -337,000 | 110,000 | 21,000 | |||||||||||||||||||||||||||||||||||||
loss on dispositions of real estate assets | -481,000 | -1,660,000 | -819,000 | -305,000 | -976,000 | -696,000 | -1,000 | -1,042,000 | -798,000 | -1,319,000 | -195,000 | -99,000 | -32,000 | |||||||||||||||||||||||||||||||||||
dividends declared on series a and series d cumulative term preferred stock | -755,000 | -755,000 | -755,000 | -755,000 | -578,500 | -755,000 | -755,000 | -804,000 | ||||||||||||||||||||||||||||||||||||||||
dividends declared on series b and series c cumulative redeemable preferred stock | -5,907,000 | -5,389,000 | -4,486,000 | -3,912,000 | -3,421,000 | -3,111,000 | -2,939,000 | -2,764,000 | ||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of series c cumulative redeemable preferred stock | -3,750 | -9,000 | -3,000 | -3,000 | ||||||||||||||||||||||||||||||||||||||||||||
comprehensive income : | ||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||
income from investments in unconsolidated entities | -10,500 | -19,000 | -11,000 | -13,000 | 1,750 | -19,000 | -8,000 | 34,000 | ||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of series b and series c cumulative redeemable preferred stock | -23,000 | |||||||||||||||||||||||||||||||||||||||||||||||
credits to fees from adviser | -1,000 | -974,000 | -569,000 | -44,000 | -796,000 | -174,000 | -54,000 | -320,905 | ||||||||||||||||||||||||||||||||||||||||
dividends declared on series a cumulative term preferred stock | -458,000 | -458,000 | -458,000 | -458,000 | -458,000 | -458,000 | -458,000 | -458,000 | -458,000 | -458,000 | ||||||||||||||||||||||||||||||||||||||
dividends declared on series b cumulative redeemable preferred stock | -2,233,000 | -2,238,000 | -2,241,000 | -2,125,000 | -1,585,000 | -1,161,000 | -893,000 | -601,000 | -287,000 | -90,000 | -3,000 | |||||||||||||||||||||||||||||||||||||
other charges related to series b cumulative redeemablepreferred stock | -11,000 | -44,000 | ||||||||||||||||||||||||||||||||||||||||||||||
dividends declared on series c cumulative redeemable preferred stock | -296,000 | -123,000 | -21,000 | |||||||||||||||||||||||||||||||||||||||||||||
earnings per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | 40 | -80 | 350 | -110 | -20 | 2.5 | -20 | 20 | 10 | 0.01 | 0.02 | 0.05 | 0.02 | 0.01 | 0.02 | -0.05 | ||||||||||||||||||||||||||||||||
lease revenues | 6,800,750 | 11,012,000 | 8,362,000 | |||||||||||||||||||||||||||||||||||||||||||||
other operating revenues | 12,000 | 2,000 | 4,760,000 | 2,551,000 | ||||||||||||||||||||||||||||||||||||||||||||
other operating expenses | 7,000 | 175,000 | 5,140,000 | 2,359,000 | ||||||||||||||||||||||||||||||||||||||||||||
property and casualty recovery (loss) | 17,000 | 20,809 | ||||||||||||||||||||||||||||||||||||||||||||||
loss on write-down of crop inventory | -1,000 | -33,000 | ||||||||||||||||||||||||||||||||||||||||||||||
net gain attributable to common stockholders | -465,000 | -644,000 | ||||||||||||||||||||||||||||||||||||||||||||||
gain per common share: | ||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | -25 | -30 | ||||||||||||||||||||||||||||||||||||||||||||||
rental revenue | 5,333,250 | 8,013,000 | 6,632,000 | 6,688,000 | 6,809,000 | 6,561,000 | 5,994,000 | 5,748,000 | 4,917,166 | 4,467,217 | 4,241,612 | 3,679,474 | 3,405,068 | 3,080,240 | 2,780,456 | 2,622,327 | 2,342,285 | 1,771,106 | ||||||||||||||||||||||||||||||
tenant recovery revenue | 29,000 | 2,000 | 2,000 | 6,000 | 3,000 | 3,000 | 2,000 | 2,000 | 3,159 | 1,957 | 2,829 | 3,203 | 3,262 | 3,313 | 3,397 | 3,397 | 3,391 | 6,569 | 4,644 | |||||||||||||||||||||||||||||
operating income | 2,150,750 | 3,345,000 | 2,472,000 | 2,786,000 | 2,948,000 | 2,919,000 | 2,906,000 | 2,604,000 | 2,256,516 | 1,805,834 | 1,594,037 | 1,400,200 | 1,551,943 | 1,167,653 | 894,671 | 954,513 | 545,729 | 301,583 | 357,477 | |||||||||||||||||||||||||||||
yoy | -27.04% | 14.59% | -14.93% | 6.99% | 30.64% | 61.64% | 82.30% | 85.97% | 45.40% | 54.66% | 78.17% | 46.69% | 184.38% | 287.17% | 150.27% | |||||||||||||||||||||||||||||||||
qoq | -35.70% | 35.32% | -11.27% | -5.50% | 0.99% | 0.45% | 11.60% | 15.40% | 24.96% | 13.29% | 13.84% | -9.78% | 32.91% | 30.51% | -6.27% | 74.91% | 80.95% | -15.64% | ||||||||||||||||||||||||||||||
acquisition-related expenses | 134,000 | 59,000 | 22,000 | 37,000 | 9,000 | 3,676 | 122,841 | 24,648 | 95,224 | 56,161 | 62,190 | 178,016 | 170,680 | 185,466 | 114,140 | 177,334 | ||||||||||||||||||||||||||||||||
management fee | 754,000 | 656,000 | 361,500 | 523,000 | 530,000 | 394,000 | 289,579 | 385,576 | 385,586 | 362,373 | 356,871 | 328,392 | 295,748 | 301,487 | 300,552 | 236,531 | ||||||||||||||||||||||||||||||||
distributions attributable to series a cumulative term preferred stock | -458,000 | |||||||||||||||||||||||||||||||||||||||||||||||
loss on write-down of inventory | -1,060,000 | |||||||||||||||||||||||||||||||||||||||||||||||
distributions declared per share of common stock | 0.133 | |||||||||||||||||||||||||||||||||||||||||||||||
distributions attributable to mandatorily-redeemable preferred stock | -458,000 | -458,000 | -458,000 | -458,000 | -458,000 | -458,203 | -218,919 | |||||||||||||||||||||||||||||||||||||||||
loss on disposal of real estate asset | -19,500 | -78,000 | ||||||||||||||||||||||||||||||||||||||||||||||
plus (less) net loss attributable to non-controlling interests | -5,750 | 26,000 | ||||||||||||||||||||||||||||||||||||||||||||||
less net income attributable to non-controlling interests | -28,000 | -21,000 | -4,085.5 | -2,718 | -8,047 | -5,576 | ||||||||||||||||||||||||||||||||||||||||||
operating expenses before credits from adviser | 2,663,809 | 2,663,340 | 2,650,404 | 2,282,477 | 1,856,387 | 1,915,900 | 1,889,182 | 1,992,116 | 1,799,947 | 1,476,092 | 1,208,458 | |||||||||||||||||||||||||||||||||||||
weighted-average shares of common stock outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted | 40,856,330,000 | 36,506,720,000 | 36,190,889,000 | 36,184,658,000 | 36,184,658,000 | 35,909,956,000 | 35,838,442,000 | 35,838,442,000 | 35,838,442,000 | 35,733,742,000 | 35,822,123,000 | 35,722,836,000 | 35,547,397,000 | 34,563,460,000 | 34,607,440,000 | 34,520,068,000 | 34,285,002,000 | 30,357,268,000 | 31,362,423,000 | 29,360,515,000 | 26,874,630,000 | 22,258,121,000 | 21,991,291,000 | 21,418,455,000 | 21,262,080,000 | 19,602,533,000 | 20,763,615,000 | 18,641,738,000 | 18,028,826,000 | 15,503,341,000 | 16,057,957,000 | 15,506,512,000 | 13,957,732,000 | 12,055,791,000 | 12,271,925,000 | 11,850,624,000 | 10,395,736,000 | 10,007,350 | 10,018,331 | 9,992,941 | 9,992,941 | |||||||
management fees | 387,154 | |||||||||||||||||||||||||||||||||||||||||||||||
administration fees | 211,860 | |||||||||||||||||||||||||||||||||||||||||||||||
professional fees | 110,589 | 113,165 | 84,135 | 166,908 | 141,302 | 164,269 | 110,605 | |||||||||||||||||||||||||||||||||||||||||
interest and other income | 11,927.75 | 26,688 | 1,593 | |||||||||||||||||||||||||||||||||||||||||||||
property and casualty recovery income | 76,423 | |||||||||||||||||||||||||||||||||||||||||||||||
net income before income taxes | 367,864 | 206,395 | -30,289 | 24,574 | 61,069 | 107,232 | -294,471 | |||||||||||||||||||||||||||||||||||||||||
income tax provision | -6,399 | -6,857 | -6,623 | |||||||||||||||||||||||||||||||||||||||||||||
weighted-average shares of common stock outstanding—basic and diluted | 9,060,314 | 6,605,264 | ||||||||||||||||||||||||||||||||||||||||||||||
weighted-average shares of common stock outstanding - basic and diluted | 8,639,397 | 8,439,855 | 7,753,717 | 6,530,264 | ||||||||||||||||||||||||||||||||||||||||||||
interest income | 1,086 | 971 | 4,327 | |||||||||||||||||||||||||||||||||||||||||||||
distributions per common share | 0.068 | 0.09 | 0.09 | |||||||||||||||||||||||||||||||||||||||||||||
rental revenues | 1,561,291 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||||||||||||||||||||||
real estate, at cost | 1,295,975,000 | 1,297,013,000 | 1,311,339,000 | 1,312,649,000 | 1,326,588,000 | 1,324,632,000 | 1,378,060,000 | 1,380,264,000 | 1,384,228,000 | 1,383,742,000 | 1,437,268,000 | 1,433,714,000 | 1,431,761,000 | 1,432,394,000 | 1,427,482,000 | 1,390,646,000 | 1,361,757,000 | 1,357,800,000 | 1,223,935,000 | 1,165,366,000 | 228,417,837 | 217,283,626 | 185,973,252 | 169,933,003 | 148,371,478 | 117,118,271 | 90,394,803 | |||||||||||||||||||||
less: accumulated depreciation | -208,264,000 | -198,261,000 | -190,214,000 | -183,200,000 | -176,046,000 | -167,782,000 | -163,134,000 | -154,861,000 | -149,608,000 | -142,212,000 | -133,237,000 | -124,300,000 | -115,578,000 | -106,966,000 | -98,285,000 | -89,706,000 | -81,731,000 | -74,002,000 | -67,007,000 | -60,402,000 | -6,634,412 | -6,078,467 | -5,482,928 | -4,943,804 | -4,431,290 | -3,934,269 | -3,587,682 | |||||||||||||||||||||
total real estate | 1,087,711,000 | 1,098,752,000 | 1,121,125,000 | 1,129,449,000 | 1,150,542,000 | 1,156,850,000 | 1,214,926,000 | 1,225,403,000 | 1,234,620,000 | 1,241,530,000 | 1,304,031,000 | 1,309,414,000 | 1,316,183,000 | 1,325,428,000 | 1,329,197,000 | 1,300,940,000 | 1,280,026,000 | 1,283,798,000 | 1,156,928,000 | 1,104,964,000 | 221,783,425 | 211,205,159 | 180,490,324 | 164,989,199 | 143,940,188 | 113,184,002 | 86,807,121 | |||||||||||||||||||||
lease intangibles | 3,032,000 | 3,129,000 | 3,232,000 | 3,334,000 | 3,440,000 | 3,588,000 | 3,944,000 | 4,261,000 | 4,550,000 | 4,782,000 | 5,018,000 | 5,262,000 | 5,518,000 | 5,702,000 | 5,951,000 | 5,031,000 | 4,190,000 | 4,456,000 | 4,742,000 | 5,038,000 | 4,390,000 | 3,732,000 | 3,626,000 | 3,680,000 | 4,001,000 | 4,827,000 | 5,257,000 | 5,039,000 | 5,364,000 | 5,686,000 | 5,829,000 | 5,078,000 | 5,328,000 | 5,492,000 | 5,796,000 | 5,905,000 | 1,872,000 | 1,999,773 | 2,115,085 | 2,033,221 | 2,225,926 | 1,763,541 | 1,931,564 | 2,069,351 | 1,679,594 | 1,317,575 | 761,178 | 641,600 |
cash and cash equivalents | 8,623,000 | 27,177,000 | 11,312,000 | 30,481,000 | 42,917,000 | 18,275,000 | 13,213,000 | 49,757,000 | 51,555,000 | 18,571,000 | 25,080,000 | 48,208,000 | 38,728,000 | 61,141,000 | 37,006,000 | 48,444,000 | 49,381,000 | 16,708,000 | 66,491,000 | 66,789,000 | 72,894,000 | 9,218,000 | 6,455,000 | 24,779,000 | 30,232,000 | 13,688,000 | 3,992,000 | 28,705,000 | 23,108,000 | 14,730,000 | 2,929,000 | 2,583,000 | 2,679,000 | 2,938,000 | 3,758,000 | 2,766,000 | 2,473,000 | 2,438,021 | 2,396,852 | 2,077,250 | 2,193,360 | 2,532,522 | 2,701,450 | 3,158,707 | 2,180,340 | 2,619,342 | 3,031,196 | 3,829,591 |
crop inventory | 4,323,000 | 1,663,000 | 2,059,000 | 1,528,000 | ||||||||||||||||||||||||||||||||||||||||||||
investments in water assets | 41,697,000 | 41,549,000 | 41,530,000 | 41,102,000 | ||||||||||||||||||||||||||||||||||||||||||||
other assets | 58,326,000 | 66,902,000 | 48,579,000 | 39,723,000 | 84,837,000 | 87,168,000 | 85,852,000 | 73,132,000 | 72,785,000 | 68,815,000 | 71,983,000 | 65,848,000 | 66,021,000 | 64,980,000 | 65,658,000 | 55,906,000 | 52,151,000 | 46,588,000 | 33,675,000 | 24,843,000 | 10,811,000 | 8,136,000 | 9,543,000 | 7,467,000 | 7,431,000 | 6,191,000 | 7,170,000 | 7,010,000 | 6,026,000 | 5,750,000 | 4,070,000 | 4,276,000 | 3,935,000 | 2,834,000 | 2,407,000 | 2,910,000 | 2,913,000 | 2,997,469 | 2,429,753 | 2,368,283 | 2,439,519 | 2,472,041 | 1,976,907 | 2,221,471 | 1,915,455 | 1,723,209 | 1,831,396 | 857,696 |
total assets | 1,203,712,000 | 1,239,172,000 | 1,225,778,000 | 1,258,585,000 | 1,281,736,000 | 1,312,195,000 | 1,317,935,000 | 1,352,553,000 | 1,363,510,000 | 1,387,324,000 | 1,406,112,000 | 1,428,732,000 | 1,426,450,000 | 1,457,251,000 | 1,437,812,000 | 1,410,321,000 | 1,385,748,000 | 1,351,550,000 | 1,261,836,000 | 1,201,634,000 | 1,134,466,000 | 1,067,289,000 | 878,377,000 | 856,689,000 | 841,120,000 | 816,787,000 | 757,027,000 | 628,723,000 | 575,949,000 | 565,119,000 | 509,896,000 | 475,211,000 | 472,916,000 | 462,278,000 | 456,560,000 | 417,020,000 | 386,982,000 | 333,985,019 | 316,306,732 | 275,185,109 | 256,970,629 | 229,738,247 | 219,190,114 | 189,215,674 | 172,103,621 | 151,702,624 | 120,621,425 | 93,771,099 |
liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||||||
liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
borrowings under lines of credit | 16,700,000 | 200,000 | 200,000 | 200,000 | 200,000 | 3,600,000 | 200,000 | 200,000 | 200,000 | 200,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 11,600,000 | 100,000 | 100,000 | 100,000 | 4,100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 3,500,000 | 3,900,000 | 10,000,000 | 5,100,000 | 35,050,000 | 16,550,000 | |||||||||||
notes and bonds payable | 467,522,000 | 473,435,000 | 480,156,000 | 496,184,000 | 498,631,000 | 523,922,000 | 530,478,000 | 549,192,000 | 551,954,000 | 573,911,000 | 584,098,000 | 593,656,000 | 598,957,000 | 626,400,000 | 639,646,000 | 661,846,000 | 659,998,000 | 667,882,000 | 645,967,000 | 627,408,000 | 628,912,000 | 623,961,000 | 491,921,000 | 491,538,000 | 477,426,000 | 481,829,000 | 448,004,000 | 350,144,000 | 333,835,000 | 335,788,000 | ||||||||||||||||||
series d cumulative term preferred stock, net, 0.001 par value... | 60,341,000 | 60,238,000 | 60,135,000 | 60,032,000 | 59,930,000 | 59,827,000 | 59,724,000 | 59,621,000 | 59,519,000 | 59,416,000 | 59,313,000 | 59,210,000 | 59,107,000 | |||||||||||||||||||||||||||||||||||
accounts payable and accrued expenses | 18,232,000 | 22,005,000 | 10,029,000 | 13,782,000 | 15,710,000 | 18,404,000 | 18,791,000 | 11,239,000 | 8,401,000 | 10,298,000 | 9,723,000 | 14,096,000 | 9,674,000 | 16,266,000 | 11,572,000 | 14,575,000 | 12,707,000 | 10,874,000 | 8,409,000 | 10,806,000 | 8,573,000 | 9,081,000 | 11,997,000 | 12,443,000 | 8,733,000 | 10,132,000 | 7,015,000 | 9,134,000 | 6,715,000 | 9,152,000 | 6,400,000 | 9,958,000 | 8,575,000 | 7,398,000 | 4,382,000 | 4,684,000 | 2,596,000 | 2,801,194 | 2,222,547 | 3,945,411 | 4,746,694 | 3,495,339 | 2,701,420 | 2,882,542 | 2,391,221 | 1,925,251 | 928,729 | 676,627 |
due to related parties | 3,122,000 | 2,844,000 | 2,694,000 | 3,242,000 | 3,349,000 | 2,972,000 | 2,805,000 | 3,114,000 | 3,103,000 | 3,874,000 | 3,620,000 | 3,095,000 | 3,034,000 | 4,370,000 | 3,253,000 | 2,974,000 | 3,932,000 | 4,224,000 | 3,181,000 | 1,994,000 | 3,146,000 | 2,484,000 | 2,266,000 | 1,653,000 | 2,921,000 | 2,169,000 | 1,194,000 | 364,000 | 676,000 | 945,000 | 1,024,000 | 807,000 | 950,000 | 940,000 | 984,000 | 836,000 | 980,000 | 750,796 | 636,541 | 736,121 | 628,421 | 565,593 | 539,460 | 630,618 | 117,486 | 471,101 | 448,138 | 314,404 |
other liabilities | 9,811,000 | 10,061,000 | 10,667,000 | 14,969,000 | 13,936,000 | 16,185,000 | 14,630,000 | 20,615,000 | 16,912,000 | 19,909,000 | 17,669,000 | 23,538,000 | 20,595,000 | 19,646,000 | 17,010,000 | 19,992,000 | 18,287,000 | 20,708,000 | 20,138,000 | 21,530,000 | 17,696,000 | 19,279,000 | 14,743,000 | 16,096,000 | 15,467,000 | 15,228,000 | 15,123,000 | 9,386,000 | 11,671,000 | 9,957,000 | 10,964,000 | 7,864,000 | 10,525,000 | 7,097,000 | 9,043,000 | 7,260,000 | 8,974,000 | 7,653,582 | 8,921,915 | 7,802,760 | 8,427,252 | 4,937,439 | 4,846,532 | 3,341,176 | 3,753,349 | 2,919,583 | 2,109,267 | 1,391,701 |
total liabilities | 515,387,000 | 568,886,000 | 563,984,000 | 588,512,000 | 591,858,000 | 625,013,000 | 626,731,000 | 644,084,000 | 640,191,000 | 667,711,000 | 674,626,000 | 693,798,000 | 691,570,000 | 725,889,000 | 730,586,000 | 758,389,000 | 753,823,000 | 762,484,000 | 736,389,000 | 720,320,000 | 716,799,000 | 683,499,000 | 561,062,000 | 550,306,000 | 533,065,000 | 537,817,000 | 503,737,000 | 397,369,000 | 381,180,000 | 384,066,000 | 362,696,000 | 340,060,000 | 340,948,000 | 344,327,000 | 337,574,000 | 312,544,000 | 281,034,000 | 246,207,857 | 229,761,677 | 192,957,968 | 173,530,422 | 151,731,528 | 148,172,806 | 117,315,502 | 112,928,859 | 91,733,296 | 60,831,732 | 46,714,730 |
commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||
equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
series b cumulative redeemable preferred stock, 0.001 par value... | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 5,000 | 3,000 | 3,000 | 2,000 | 1,000 | ||||||||||||||||||
series c cumulative redeemable preferred stock, 0.001 par value... | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 9,000 | 7,000 | 5,000 | 3,000 | 3,000 | 2,000 | 2,000 | 1,000 | ||||||||||||||||||||||||||
series e cumulative redeemable preferred stock, 0.001 par value... | ||||||||||||||||||||||||||||||||||||||||||||||||
common stock, 0.001 par value... | 42,000 | 38,000 | 36,000 | 36,000 | 36,000 | 36,000 | 36,000 | 36,000 | 36,000 | 36,000 | 36,000 | 36,000 | 36,000 | 35,000 | 35,000 | 35,000 | 35,000 | 34,000 | 32,000 | 30,000 | 27,000 | 26,000 | 22,000 | 22,000 | 21,000 | 21,000 | 21,000 | 21,000 | 18,000 | 18,000 | 16,000 | 16,000 | 15,000 | 14,000 | 13,000 | 12,000 | 12,000 | 10,025 | 10,025 | 9,993 | 9,993 | 9,993 | 9,061 | 9,061 | 7,754 | 7,754 | 7,680 | 6,530 |
additional paid-in capital | 904,551,000 | 870,847,000 | 855,152,000 | 854,037,000 | 854,037,000 | 854,059,000 | 849,411,000 | 853,302,000 | 856,455,000 | 856,206,000 | 855,891,000 | 852,967,000 | 851,063,000 | 836,674,000 | 802,496,000 | 742,070,000 | 713,805,000 | 668,275,000 | 598,693,000 | 549,123,000 | 476,996,000 | 440,470,000 | 368,465,000 | 352,677,000 | 348,020,000 | 315,770,000 | 286,562,000 | 263,249,000 | 223,480,000 | 202,053,000 | 163,943,000 | 155,106,000 | 145,990,000 | 129,705,000 | 126,848,000 | 109,020,000 | 109,012,000 | 90,081,837 | 89,374,991 | 87,494,872 | 87,494,870 | |||||||
distributions in excess of accumulated earnings | -221,258,000 | -205,511,000 | -198,459,000 | -189,474,000 | -170,525,000 | -174,561,000 | -164,034,000 | -153,226,000 | -141,562,000 | -144,011,000 | -134,728,000 | -126,799,000 | -123,594,000 | -114,370,000 | -104,775,000 | -96,442,000 | -87,868,000 | -80,467,000 | -74,427,000 | -68,533,000 | -61,066,000 | -55,213,000 | -49,457,000 | -45,653,000 | -40,701,000 | -38,785,000 | -35,344,000 | -31,919,000 | -28,731,000 | -25,826,000 | -22,305,000 | -25,763,000 | -21,950,000 | -19,802,000 | -13,401,529 | |||||||||||||
accumulated other comprehensive income | 4,974,000 | 4,896,000 | 5,049,000 | 5,458,000 | 6,314,000 | 7,632,000 | 5,775,000 | 8,341,000 | 8,374,000 | 7,366,000 | 10,271,000 | 8,714,000 | 7,359,000 | 9,007,000 | 9,455,000 | 6,256,000 | 3,694,000 | |||||||||||||||||||||||||||||||
total equity | 688,325,000 | 670,286,000 | 661,794,000 | 670,073,000 | 689,878,000 | 687,182,000 | 691,204,000 | 708,469,000 | 723,319,000 | 719,613,000 | 731,486,000 | 734,934,000 | 734,880,000 | 731,362,000 | 707,226,000 | 651,932,000 | 631,925,000 | 589,066,000 | 525,447,000 | 481,314,000 | 417,667,000 | 383,790,000 | 317,315,000 | 306,383,000 | 308,055,000 | 278,970,000 | 253,290,000 | 231,354,000 | 194,769,000 | 181,053,000 | 147,200,000 | 135,151,000 | 131,968,000 | 117,951,000 | 118,986,000 | 104,476,000 | 105,948,000 | 87,777,162 | 86,545,055 | 82,227,141 | 83,440,207 | |||||||
total liabilities and equity | 1,203,712,000 | 1,239,172,000 | 1,225,778,000 | 1,258,585,000 | 1,281,736,000 | 1,312,195,000 | 1,317,935,000 | 1,352,553,000 | 1,363,510,000 | 1,387,324,000 | 1,406,112,000 | 1,428,732,000 | 1,426,450,000 | 1,457,251,000 | 1,437,812,000 | 1,410,321,000 | 1,385,748,000 | 1,351,550,000 | 1,261,836,000 | 1,201,634,000 | 1,134,466,000 | 1,067,289,000 | 878,377,000 | 856,689,000 | 841,120,000 | 816,787,000 | 757,027,000 | 628,723,000 | 575,949,000 | 565,119,000 | 509,896,000 | 475,211,000 | 472,916,000 | 462,278,000 | 456,560,000 | 417,020,000 | 386,982,000 | 333,985,019 | 316,306,732 | 275,185,109 | 256,970,629 | |||||||
real estate and related assets held for sale | 14,496,000 | 46,314,000 | 53,626,000 | |||||||||||||||||||||||||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
total stockholders’ equity | 689,878,000 | 687,182,000 | 691,204,000 | 708,469,000 | 723,319,000 | 719,613,000 | 731,486,000 | 734,934,000 | 734,880,000 | 731,362,000 | 707,226,000 | 651,932,000 | 629,677,000 | 586,815,000 | 523,320,000 | 479,284,000 | 415,832,000 | 383,790,000 | 317,315,000 | 305,236,000 | 305,699,000 | 276,621,000 | 250,895,000 | 231,354,000 | 194,769,000 | 176,246,000 | 141,654,000 | 129,359,000 | 124,055,000 | 109,917,000 | 109,060,000 | 93,091,000 | 94,403,000 | 76,690,333 | 77,187,668 | 76,515,946 | 77,644,757 | 78,006,719 | 71,017,308 | 71,900,172 | 59,174,762 | 59,969,328 | 59,789,693 | 47,056,369 | ||||
non-controlling interests in operating partnership | 2,248,000 | 2,251,000 | 2,127,000 | 2,030,000 | 1,835,000 | 1,147,000 | 2,356,000 | 2,349,000 | 2,395,000 | 4,807,000 | 5,546,000 | 5,792,000 | 7,913,000 | 8,034,000 | 11,086,829 | 9,357,387 | 5,711,195 | 5,795,450 | ||||||||||||||||||||||||||||||
series d mandatorily-redeemable preferred stock, net, 0.001 par value... | 59,005,000 | |||||||||||||||||||||||||||||||||||||||||||||||
series d mandatorily-redeemable preferred stock, 0.001 par value... | 58,902,000 | 58,799,000 | 58,696,000 | |||||||||||||||||||||||||||||||||||||||||||||
series a mandatorily-redeemable preferred stock, 0.001 par value... | ||||||||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive loss | -1,036,000 | -987,000 | -1,344,000 | -133,000 | -1,500,000 | -1,721,000 | -1,816,000 | -1,647,000 | -390,000 | -347,000 | ||||||||||||||||||||||||||||||||||||||
series a cumulative term preferred stock, 0.001 par value... | 28,594,000 | 28,535,000 | 28,476,000 | 28,418,000 | 28,359,000 | 28,301,000 | 28,241,000 | 28,183,000 | 28,124,000 | 28,066,000 | ||||||||||||||||||||||||||||||||||||||
series d cumulative term preferred stock, 0.001 par value... | 58,594,000 | 58,482,000 | 58,372,000 | |||||||||||||||||||||||||||||||||||||||||||||
investments in real estate | 1,046,371,000 | 1,046,203,000 | 858,753,000 | 820,763,000 | 799,456,000 | 792,081,000 | 740,608,000 | 587,969,000 | 541,451,000 | 497,068,000 | 463,274,000 | 458,915,000 | 444,390,000 | 405,222,000 | 379,499,000 | 309,237,004 | 268,581,945 | 249,983,400 | ||||||||||||||||||||||||||||||
investment in real estate | 538,953,000 | 449,486,000 | 326,310,621 | |||||||||||||||||||||||||||||||||||||||||||||
mortgage notes and bonds payable | 316,142,000 | 289,924,000 | 289,050,000 | 291,002,000 | 290,234,000 | 236,941,000 | 220,720,000 | 190,797,012 | 167,879,624 | 165,973,676 | 156,928,055 | 142,633,157 | 135,085,394 | 107,661,166 | 94,866,803 | 82,417,361 | ||||||||||||||||||||||||||||||||
series a cumulative term preferred stock, par value 0.001 per share... | 28,007,000 | 27,948,000 | 27,890,000 | 27,831,000 | 27,773,000 | 27,714,000 | 27,655,273 | 27,601,050 | ||||||||||||||||||||||||||||||||||||||||
stockholders' equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
deferred financing costs related to borrowings under line of credit | 209,000 | 217,000 | 225,000 | 239,135 | 128,038 | 124,410 | 128,424 | |||||||||||||||||||||||||||||||||||||||||
accumulated deficit | -17,801,000 | -15,941,000 | -14,621,000 | -12,197,348 | -10,988,919 | -9,860,106 | ||||||||||||||||||||||||||||||||||||||||||
non-controlling interests in the operating partnership | 9,926,000 | 11,385,000 | 11,545,000 | |||||||||||||||||||||||||||||||||||||||||||||
borrowings under line of credit | 20,050,000 | 22,500,000 | 14,500,000 | 2,800,000 | 100,000 | 5,000,000 | 2,800,000 | 11,800,000 | 4,000,000 | 3,500,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||
restricted cash | 132,741 | 2,285 | 1,529 | |||||||||||||||||||||||||||||||||||||||||||||
deferred financing costs | 1,186,718 | 1,174,527 | 1,142,051 | 1,048,685 | 1,039,714 | 996,223 | 812,809 | |||||||||||||||||||||||||||||||||||||||||
liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||
additional paid in capital | 86,892,095 | 79,146,389 | 79,148,411 | 65,361,309 | 65,366,309 | 64,545,787 | 51,326,262 | |||||||||||||||||||||||||||||||||||||||||
distributions in excess of earnings | -8,895,369 | -8,138,142 | -7,257,300 | -6,194,301 | -5,404,735 | -4,763,774 | -4,276,423 | |||||||||||||||||||||||||||||||||||||||||
total liabilities and stockholders’ equity | 229,738,247 | 219,190,114 | 189,215,674 | 172,103,621 | 151,702,624 | 120,621,425 | 93,771,099 | |||||||||||||||||||||||||||||||||||||||||
deferred offering costs | 200,507 | 133,770 | 290,348 | 248,731 | 134,193 | 139,972 | ||||||||||||||||||||||||||||||||||||||||||
short-term investments | 681,124 | 680,952 | 680,781 | |||||||||||||||||||||||||||||||||||||||||||||
mortgage notes payable | 53,845,598 | |||||||||||||||||||||||||||||||||||||||||||||||
mortgage note payable | 41,331,998 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||
net income | -4,305,000 | 4,212,000 | 2,087,000 | -7,878,000 | 15,108,000 | 540,000 | 6,000 | -823,000 | 13,567,000 | 1,819,000 | 3,141,000 | 7,855,000 | 1,750,000 | 1,110,000 | 1,806,000 | 613,000 | 1,187,000 | 1,988,000 | 1,503,000 | -531,000 | 554,000 | 91,000 | 1,581,000 | 182,000 | 3,101,000 | 958,000 | 522,000 | 174,000 | 108,000 | -1,083,000 | 6,019,000 | -1,852,000 | -318,000 | -215,000 | -247,000 | 255,000 | 173,000 | 83,034 | 34,602 | 115,860 | 239,992 | 367,864 | 206,396 | -30,289 | 24,574 | 54,670 | 100,373 |
adjustments to reconcile net income to net provided by operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||
depreciation and amortization | 10,370,000 | 9,351,000 | 8,395,000 | 8,374,000 | 8,429,000 | 8,648,000 | 8,805,000 | 8,813,000 | 8,789,000 | 9,754,000 | 9,244,000 | 9,044,000 | 9,119,000 | 9,483,000 | 9,145,000 | 8,392,000 | 8,346,000 | 7,903,000 | 6,944,000 | 6,285,000 | 6,051,000 | 4,645,000 | 3,910,000 | 3,843,000 | 4,257,000 | 3,838,000 | 3,419,000 | 2,936,000 | 2,597,000 | 2,570,000 | 2,375,000 | 2,241,000 | 2,189,000 | 2,114,000 | 2,052,000 | 1,599,000 | 1,472,000 | 1,443,720 | 1,431,846 | 1,334,973 | 976,710 | 800,612 | 809,445 | 711,803 | 791,632 | 669,875 | 447,252 |
impairment charge | 884,000 | 3,605,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
amortization of debt issuance costs | 149,000 | 446,000 | 220,000 | 216,000 | 365,000 | 303,000 | 222,000 | 222,000 | 243,000 | 299,000 | 247,000 | 258,000 | 261,000 | 268,000 | 269,000 | 277,000 | 271,000 | 267,000 | 264,000 | 253,000 | 388,000 | 197,000 | 194,000 | 186,000 | 179,000 | 169,000 | 162,000 | 149,000 | 150,000 | 148,000 | 145,000 | 146,000 | 143,000 | ||||||||||||||
straight-line rent adjustment | 1,105,000 | ||||||||||||||||||||||||||||||||||||||||||||||
amortization of deferred rent assets and liabilities | 1,972,000 | 2,152,000 | 2,977,000 | 2,845,000 | 3,253,000 | 2,189,000 | -639,000 | 13,000 | 492,000 | 19,000 | -32,000 | -302,000 | -87,000 | -26,000 | -67,000 | -184,000 | -103,000 | -115,000 | -179,000 | -3,000 | -73,000 | -70,000 | -69,000 | -92,000 | -87,000 | -77,000 | -80,000 | -126,000 | -92,000 | -90,000 | -90,000 | -89,000 | -74,000 | -65,000 | -50,000 | -49,632 | -44,012 | -42,391 | -42,422 | -39,317 | -35,727 | -61,593 | -64,146 | -73,601 | -59,695 | ||
amortization of right-of-use assets from operating leases and operating lease liabilities | 25,000 | 26,000 | 25,000 | 25,000 | 24,000 | -13,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | 21,000 | 23,000 | 23,000 | 23,000 | 112,000 | 21,000 | 22,000 | -33,000 | ||||||||||||||||||||||||||
loss from investments in unconsolidated entities | 191,000 | -102,000 | -58,000 | 50,000 | 136,000 | -83,000 | -28,000 | 86,000 | 85,000 | -25,000 | 24,000 | 33,000 | 27,000 | 19,000 | 25,000 | 0 | 29,000 | 19,000 | 18,000 | 11,000 | 13,000 | ||||||||||||||||||||||||||
loss on dispositions of real estate assets | 459,000 | -10,273,000 | 702,000 | 4,000 | -6,395,000 | 481,000 | 1,660,000 | 820,000 | 304,000 | 976,000 | 696,000 | 1,000 | 1,042,000 | 798,000 | 1,319,000 | 195,000 | 567,000 | 99,000 | 174,000 | 135,000 | -13,000 | 32,000 | 715,000 | ||||||||||||||||||||||||
property and casualty loss (recovery) | 93,000 | 0 | 0 | 0 | 1,016,000 | ||||||||||||||||||||||||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
crop inventory | -1,913,000 | ||||||||||||||||||||||||||||||||||||||||||||||
investments in water assets | -143,000 | -388,000 | -449,000 | ||||||||||||||||||||||||||||||||||||||||||||
other assets | 3,039,000 | -8,837,000 | -12,266,000 | 755,000 | -1,265,000 | -1,802,000 | -4,641,000 | -1,082,000 | -3,750,000 | -413,000 | -5,238,000 | 1,323,000 | -2,586,000 | 62,000 | -5,033,000 | -958,000 | -1,558,000 | -178,000 | -3,348,000 | -1,489,000 | -924,000 | 1,455,000 | -1,766,000 | 431,000 | -1,857,000 | -136,000 | 444,000 | 198,000 | -150,000 | -169,342 | -162,503 | -30,466 | 40,407 | -408,887 | 262,793 | -23,184 | 45,255 | -343,049 | -423,678 | ||||||||
accounts payable and accrued expenses | -2,715,000 | -1,279,000 | -5,424,000 | ||||||||||||||||||||||||||||||||||||||||||||
due to related parties | 278,000 | 151,000 | -549,000 | ||||||||||||||||||||||||||||||||||||||||||||
other liabilities | -194,000 | -553,000 | -4,248,000 | 1,088,000 | -2,477,000 | 1,842,000 | -4,487,000 | 4,051,000 | -2,864,000 | 2,412,000 | -5,373,000 | 2,933,000 | 990,000 | 2,165,000 | -2,252,000 | 1,467,000 | -1,328,000 | 1,211,000 | -936,000 | 3,294,000 | -1,111,000 | 4,760,000 | -1,186,000 | 576,000 | -949,000 | 154,000 | 5,476,000 | -2,442,000 | 2,032,000 | -713,000 | 3,283,000 | -2,675,000 | 3,488,000 | -2,203,000 | 1,386,000 | -1,679,000 | 1,372,000 | -1,216,202 | 396,076 | -498,346 | 3,527,927 | -587,912 | 1,572,854 | -345,184 | 203,307 | 447,883 | 791,188 |
net cash from operating activities | 9,295,000 | 10,613,000 | -12,036,000 | 3,949,000 | 4,467,000 | 11,582,000 | -1,367,000 | 15,913,000 | 3,420,000 | 17,424,000 | 80,000 | 17,863,000 | 4,714,000 | 20,715,000 | 3,718,000 | 11,802,000 | 7,553,000 | 12,021,000 | 3,391,000 | 10,309,000 | 6,656,000 | 13,409,000 | 1,656,000 | 6,441,000 | 3,496,000 | 7,468,000 | 9,646,000 | 1,824,000 | 2,432,000 | 2,364,000 | 3,562,000 | 1,731,000 | 2,751,000 | -1,156,000 | 2,992,000 | 1,933,000 | 2,746,000 | 1,190,642 | 947,327 | 2,030,785 | 4,233,768 | 450,327 | 2,697,498 | 1,340,704 | 265,306 | 1,510,979 | 1,295,408 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 9,295,000 | 10,613,000 | -12,036,000 | 3,949,000 | 4,467,000 | 11,582,000 | -1,367,000 | 15,913,000 | 3,420,000 | 17,424,000 | 80,000 | 17,863,000 | 4,714,000 | 20,715,000 | 3,718,000 | 11,802,000 | 7,553,000 | 12,021,000 | 3,391,000 | 10,309,000 | 6,656,000 | 13,409,000 | 1,656,000 | 6,441,000 | 3,496,000 | 7,468,000 | 9,646,000 | 1,824,000 | 2,432,000 | 2,364,000 | 3,562,000 | 1,731,000 | 2,751,000 | -1,156,000 | 2,992,000 | 1,933,000 | 2,746,000 | 1,190,642 | 947,327 | 2,030,785 | 4,233,768 | 450,327 | 2,697,498 | 1,340,704 | 265,306 | 1,510,979 | 1,295,408 |
cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||
capital expenditures on existing real estate assets | -219,000 | -1,098,000 | -1,446,000 | -2,821,000 | -1,796,000 | -1,239,000 | -1,639,000 | -841,000 | -1,478,000 | -2,827,000 | -4,287,000 | -2,820,000 | -2,871,000 | -4,054,000 | -5,954,000 | -6,600,000 | -3,518,000 | -2,747,000 | -950,000 | 604,000 | -3,027,000 | -5,785,000 | -1,298,000 | -6,745,000 | -2,682,000 | -3,316,000 | -3,425,000 | -2,486,000 | -3,063,000 | -5,448,000 | |||||||||||||||||
proceeds from dispositions of real estate assets | 8,830,000 | 20,453,000 | 0 | 62,012,000 | 4,508,000 | 0 | 0 | 63,997,000 | 0 | 0 | 95,000 | 81,000 | 0 | ||||||||||||||||||||||||||||||||||
net cash from investing activities | -219,000 | 7,664,000 | 19,007,000 | -2,821,000 | 60,216,000 | 3,269,000 | -1,639,000 | -841,000 | 62,519,000 | -2,682,000 | -4,187,000 | 6,117,000 | -3,016,000 | -6,857,000 | -43,480,000 | -31,575,000 | -3,572,000 | -145,500,000 | -64,551,000 | -79,544,000 | -5,406,000 | -197,281,000 | -40,520,000 | -24,932,000 | -10,168,000 | -52,700,000 | -155,347,000 | -48,886,000 | -5,717,000 | -45,217,000 | -32,032,000 | -7,250,000 | -9,310,000 | -4,357,000 | -40,149,000 | -30,924,000 | -54,215,000 | -15,740,187 | -37,134,697 | -21,476,359 | -21,149,732 | -9,875,145 | -31,435,300 | -17,129,977 | -20,034,728 | -31,140,881 | -27,658,572 |
cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||
borrowings from lines of credit | 40,800,000 | 3,300,000 | 22,700,000 | 8,000,000 | 15,800,000 | 5,000,000 | 1,600,000 | 7,500,000 | 5,900,000 | 14,500,000 | |||||||||||||||||||||||||||||||||||||
repayments of lines of credit | -24,300,000 | -2,900,000 | 0 | 0 | -3,400,000 | -14,800,000 | -26,700,000 | -4,000,000 | -15,800,000 | -8,400,000 | -2,000,000 | -13,600,000 | |||||||||||||||||||||||||||||||||||
repayments of notes and bonds payable | -6,022,000 | -6,852,000 | -16,138,000 | -13,021,000 | -25,546,000 | -6,752,000 | -18,818,000 | -2,878,000 | -22,071,000 | -10,358,000 | -9,670,000 | -5,417,000 | -27,570,000 | -13,391,000 | -22,335,000 | -3,015,000 | -12,910,000 | -5,108,000 | -12,209,000 | -1,634,000 | -4,973,000 | ||||||||||||||||||||||||||
payments of financing fees | -13,000 | 0 | -45,000 | -62,000 | -7,000 | -27,000 | -14,000 | 2,000 | -11,000 | -189,000 | 0 | -122,000 | -83,000 | -35,000 | -708,000 | -262,000 | -234,000 | 2,000 | -2,223,000 | -675,000 | -119,000 | -115,000 | -263,000 | -623,000 | -111,000 | -4,000 | -300,000 | -62,000 | -163,000 | ||||||||||||||||||
redemption of cumulative term preferred stock | -60,375,000 | ||||||||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of common equity | 37,121,000 | ||||||||||||||||||||||||||||||||||||||||||||||
offering costs | -374,000 | -160,000 | -12,000 | -10,000 | 2,000 | -46,000 | -15,000 | -3,000 | -40,000 | -63,000 | -204,000 | -135,000 | -361,000 | -2,433,000 | -5,127,000 | -2,906,000 | -3,285,000 | -2,301,000 | -1,456,000 | -1,456,000 | -1,447,000 | -2,984,000 | -719,000 | -394,000 | -2,523,000 | -2,635,000 | -2,030,000 | -2,792,000 | -1,729,000 | -2,292,000 | -959,000 | -250,000 | -685,000 | -15,000 | -737,000 | -171,000 | -1,054,000 | -29,946 | 9,865 | -36,704 | -215,006 | -454,043 | -150,218 | -841,002 | -36,766 | -16,587 | -809,406 |
redemptions of cumulative redeemable preferred stock | -2,716,000 | -71,000 | -13,000 | 0 | -18,000 | 1,000 | -3,736,000 | -16,000 | -951,000 | -225,000 | -420,000 | -52,000 | -59,000 | ||||||||||||||||||||||||||||||||||
dividends paid on cumulative redeemable preferred stock | -5,989,000 | -6,002,000 | -6,002,000 | -6,002,000 | -6,002,000 | -6,002,000 | -6,023,000 | -6,106,000 | -6,117,000 | -6,113,000 | -7,366,000 | -6,081,000 | -5,741,000 | -5,487,000 | -4,853,000 | -4,129,000 | -3,599,000 | -3,309,000 | -3,087,000 | -3,607,000 | -2,676,000 | -2,436,000 | -2,921,000 | ||||||||||||||||||||||||
distributions paid on common stock | -5,762,000 | -5,257,000 | -5,070,000 | -5,069,000 | -5,070,000 | -5,064,000 | -5,021,000 | -5,010,000 | -5,000,000 | -4,988,000 | -4,965,000 | -4,932,000 | -4,904,000 | -4,789,000 | -4,739,000 | -4,701,000 | -4,664,000 | -4,596,000 | -4,254,000 | -3,999,000 | -3,642,000 | -3,342,000 | -2,967,000 | -2,874,000 | -2,850,000 | -2,802,000 | -2,780,000 | -2,469,000 | -2,409,000 | -2,220,000 | -2,135,000 | -2,068,000 | -1,851,000 | -1,812,000 | -1,639,000 | -1,546,000 | -1,372,000 | ||||||||||
net cash from financing activities | -27,630,000 | -2,412,000 | -26,140,000 | -13,564,000 | -40,041,000 | -9,789,000 | -33,538,000 | -16,870,000 | -32,955,000 | -21,251,000 | -19,021,000 | -14,500,000 | -24,111,000 | 10,277,000 | 28,324,000 | 18,836,000 | 28,692,000 | 83,696,000 | 60,862,000 | 63,130,000 | 62,426,000 | 186,635,000 | 20,540,000 | 13,038,000 | 23,216,000 | 54,928,000 | 120,988,000 | 52,659,000 | 11,663,000 | 54,654,000 | 28,816,000 | 5,423,000 | 6,300,000 | 4,693,000 | 38,149,000 | 29,284,000 | 51,504,000 | 14,590,714 | 36,506,972 | 19,329,464 | 16,576,802 | 9,255,890 | 28,280,545 | 16,767,640 | 19,330,420 | 29,218,048 | 25,564,769 |
net increase in cash and cash equivalents | -18,554,000 | -12,436,000 | 24,642,000 | -1,798,000 | 32,984,000 | -6,509,000 | -23,128,000 | 9,480,000 | -22,413,000 | 24,135,000 | -11,438,000 | -937,000 | 32,673,000 | -49,783,000 | -298,000 | -6,105,000 | 63,676,000 | -5,453,000 | 16,544,000 | 5,597,000 | 8,378,000 | 11,801,000 | 346,000 | -96,000 | -259,000 | -820,000 | 992,000 | 293,000 | 35,000 | 319,602 | -168,928 | -457,257 | -411,854 | -798,395 | |||||||||||||
cash and cash equivalents at beginning of period | 27,177,000 | 0 | 0 | 0 | 18,275,000 | 0 | 0 | 0 | 18,571,000 | 0 | 0 | 0 | 61,141,000 | 0 | 0 | 0 | 16,708,000 | 0 | 0 | 0 | 9,218,000 | 0 | 0 | 0 | 13,688,000 | 0 | 0 | 0 | 14,730,000 | 0 | 0 | 0 | 2,938,000 | 0 | 0 | 0 | 2,438,000 | 0 | 0 | 0 | 2,532,522 | 0 | 0 | 0 | 2,619,342 | 0 | 0 |
cash and cash equivalents at end of period | 8,623,000 | 15,865,000 | -19,169,000 | -12,436,000 | 42,917,000 | 5,062,000 | -36,544,000 | -1,798,000 | 51,555,000 | -6,509,000 | -23,128,000 | 9,480,000 | 38,728,000 | 24,135,000 | -11,438,000 | -937,000 | 49,381,000 | -49,783,000 | -298,000 | -6,105,000 | 72,894,000 | 2,763,000 | -18,324,000 | -5,453,000 | 30,232,000 | 9,696,000 | -24,713,000 | 5,597,000 | 23,108,000 | 11,801,000 | 346,000 | -96,000 | 2,679,000 | -820,000 | 992,000 | 293,000 | 2,473,000 | 41,169 | 319,602 | -116,110 | 2,193,360 | -168,928 | -457,257 | 978,367 | 2,180,340 | -411,854 | -798,395 |
non-cash investing and financing information: | |||||||||||||||||||||||||||||||||||||||||||||||
real estate additions included in accounts payable and accrued expenses | 428,000 | 514,413 | |||||||||||||||||||||||||||||||||||||||||||||
stock offering and op unit issuance costs included in accounts payable and accrued expenses | 123,000 | ||||||||||||||||||||||||||||||||||||||||||||||
financing fees included in accounts payable and accrued expenses | 54,000 | -5,636 | 16,374 | 8,188 | 6,194 | 17,629 | 25,348 | ||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||
write-off of unamortized deferred offering costs associated with cumulative redeemable preferred stock | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
gain on dispositions of real estate assets | 2,441,000 | -3,062,000 | 2,149,000 | -15,410,000 | 832,000 | ||||||||||||||||||||||||||||||||||||||||||
property and casualty (recovery) loss | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
contributions to unconsolidated real estate entities | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
borrowings from notes and bonds payable | 0 | 0 | 0 | 0 | 4,810,000 | 5,122,000 | 27,224,000 | 30,780,000 | 0 | 9,903,000 | |||||||||||||||||||||||||||||||||||||
proceeds from issuance of preferred and common equity | 15,930,000 | 4,701,000 | 89,000 | 20,000 | 284,000 | 359,000 | 3,200,000 | 3,019,000 | 14,690,000 | 36,869,000 | 65,881,000 | 36,533,000 | 48,823,000 | 72,075,000 | 51,598,000 | 73,852,000 | 35,868,000 | 75,117,000 | 15,668,000 | 3,974,000 | 35,589,000 | 32,287,000 | 24,676,000 | 42,912,000 | 18,482,000 | 40,020,000 | |||||||||||||||||||||
bad debt expense | 0 | 68,000 | 38,000 | 80,000 | 72,000 | 208,000 | 12,000 | 79,000 | 7,000 | 31,000 | 32,000 | 15,000 | 1,000 | 0 | 67,000 | 2,000 | 5,000 | 5,000 | 0 | 0 | 12,000 | -11,000 | 18,000 | 0 | 6,000 | 45,000 | 77,000 | 30,000 | 1,000 | ||||||||||||||||||
net decrease in cash and cash equivalents | 2,763,000 | -339,162 | -439,002 | ||||||||||||||||||||||||||||||||||||||||||||
real estate additions included in accounts payable and accrued expenses and due to related parties | 453,000 | -422,000 | 847,000 | -435,000 | 198,000 | 689,000 | -624,000 | 1,798,000 | 712,000 | -501,000 | 4,621,000 | ||||||||||||||||||||||||||||||||||||
financing fees included in accounts payable and accrued expenses and due to related parties | 23,000 | 22,000 | -1,000 | 19,000 | 2,000 | -46,000 | 48,000 | ||||||||||||||||||||||||||||||||||||||||
property and casualty recovery | -137,000 | 0 | 0 | -49,000 | -2,000 | 0 | -216,507 | ||||||||||||||||||||||||||||||||||||||||
accounts payable and accrued expenses and due to related parties | -3,597,000 | -877,000 | -3,913,000 | 1,593,000 | -2,904,000 | 2,240,000 | -2,012,000 | 2,739,000 | -6,367,000 | 6,109,000 | -1,797,000 | 1,710,000 | -344,000 | 253,000 | -978,000 | 1,531,000 | 1,099,000 | 919,000 | -1,162,000 | 742,000 | -1,243,000 | 3,455,000 | -242,000 | 933,000 | -2,277,000 | 2,619,000 | -994,000 | 1,449,000 | -1,132,000 | ||||||||||||||||||
stock offering and op unit issuance costs included in accounts payable and accrued expenses and due to related parties | 10,000 | -60,000 | 62,000 | 93,000 | 85,000 | 109,000 | |||||||||||||||||||||||||||||||||||||||||
property and casualty loss | 0 | 275,000 | 65,000 | 0 | 0 | 129,000 | |||||||||||||||||||||||||||||||||||||||||
acquisition of new real estate assets | -2,953,000 | -34,782,000 | -142,574,000 | -62,501,000 | -80,173,000 | -1,579,000 | -191,290,000 | -39,524,000 | -17,698,000 | -7,436,000 | -49,331,000 | -152,672,000 | -45,700,000 | -2,304,000 | -39,969,000 | ||||||||||||||||||||||||||||||||
deposits on prospective real estate acquisitions and investments | 100,000 | -100,000 | -145,000 | 150,000 | 5,000 | -655,000 | -54,000 | -1,100,000 | 25,000 | -800,000 | |||||||||||||||||||||||||||||||||||||
payments for redemptions of op units | -1,000 | 1,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
distributions paid on op units | |||||||||||||||||||||||||||||||||||||||||||||||
tenant-funded improvements included within real estate, at cost | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
dividends paid on series c preferred stock via additional share issuances | 0 | 0 | 320,000 | ||||||||||||||||||||||||||||||||||||||||||||
redemption of cumulative redeemable preferred stock | |||||||||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of cumulative term preferred stock | |||||||||||||||||||||||||||||||||||||||||||||||
distributions paid to non-controlling common interests in operating partnership | |||||||||||||||||||||||||||||||||||||||||||||||
distributions paid on non-controlling common interests in operating partnership | -1,000 | 1,000 | -28,000 | -28,000 | -28,000 | -9,000 | |||||||||||||||||||||||||||||||||||||||||
unrealized gain related to interest rate hedging instruments | 1,556,000 | ||||||||||||||||||||||||||||||||||||||||||||||
unrealized loss related to interest rate hedging instruments | -7,359,000 | ||||||||||||||||||||||||||||||||||||||||||||||
insurance proceeds received capitalized as real estate additions | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of mandatorily-redeemable preferred stock | 0 | 0 | 0 | 60,375,000 | |||||||||||||||||||||||||||||||||||||||||||
redemption of mandatorily-redeemable preferred stock | 0 | 0 | 0 | -28,750,000 | |||||||||||||||||||||||||||||||||||||||||||
distributions paid to non-controlling interests in operating partnership | 0 | 0 | -29,000 | -39,000 | -38,000 | -39,000 | 1,000 | -53,000 | -89,000 | -91,000 | -117,000 | -129,000 | -142,000 | -192,000 | -189,000 | -187,000 | -154,952 | -111,667 | -92,302 | -29,835 | |||||||||||||||||||||||||||
amortization of right-of-use asset from operating leases and operating lease liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
income from investments in unconsolidated entities | 19,000 | 8,000 | -34,000 | ||||||||||||||||||||||||||||||||||||||||||||
change in deposits on real estate acquisitions | 155,000 | ||||||||||||||||||||||||||||||||||||||||||||||
redemption of series b preferred stock | -372,000 | -124,000 | -185,000 | -47,000 | -153,000 | -13,000 | |||||||||||||||||||||||||||||||||||||||||
borrowings from mortgage notes and bonds payable | 4,481,000 | 102,327,000 | 16,632,000 | 1,440,000 | 45,485,000 | 1,473,000 | 1,260,000 | 55,589,000 | 16,601,000 | 32,400,000 | |||||||||||||||||||||||||||||||||||||
repayments of mortgage notes and bonds payable | -4,011,000 | -2,200,000 | -4,388,000 | -3,439,000 | -797,000 | -3,450,000 | -19,023,000 | -659,000 | -3,118,000 | ||||||||||||||||||||||||||||||||||||||
payment of contingent consideration | |||||||||||||||||||||||||||||||||||||||||||||||
amortization of of right-of-use asset from operating leases and operating lease liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
change in deposits on real estate acquisitions and investments | -50,000 | 450,000 | 750,000 | -700,000 | -350,000 | 200,000 | 200,000 | -500,000 | 200,000 | -250,000 | -300,000 | -350,000 | -215,000 | ||||||||||||||||||||||||||||||||||
dividends paid on series b cumulative redeemable preferred stock | -2,125,000 | -1,424,000 | -1,057,000 | -564,000 | -601,000 | -336,000 | |||||||||||||||||||||||||||||||||||||||||
loss on write-down of inventory | 1,000 | 33,000 | |||||||||||||||||||||||||||||||||||||||||||||
crop inventory and other assets | -1,177,000 | 260,000 | -1,877,000 | -1,037,000 | 1,422,000 | -1,659,000 | |||||||||||||||||||||||||||||||||||||||||
maturity of short-term investment | |||||||||||||||||||||||||||||||||||||||||||||||
payments for redemptions of series b preferred stock | |||||||||||||||||||||||||||||||||||||||||||||||
payment of financing fees | -277,000 | -256,000 | -74,000 | -274,000 | -525,119 | -1,214,952 | -54,546 | -22,966 | -50,443 | -106,227 | -48,217 | -68,116 | |||||||||||||||||||||||||||||||||||
loss on write-down of crop inventory | |||||||||||||||||||||||||||||||||||||||||||||||
supplemental cash flow information: | |||||||||||||||||||||||||||||||||||||||||||||||
interest paid | |||||||||||||||||||||||||||||||||||||||||||||||
supplemental non-cash investing and financing information: | |||||||||||||||||||||||||||||||||||||||||||||||
real estate additions included in other assets | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
gain on dispositions of real estate assets, net included in accounts payable and accrued expenses and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
real estate additions included in other liabilities | 103,000 | 33,000 | 343,000 | 473,000 | 582,466 | 185,380 | 617,873 | 5,935 | 872,365 | ||||||||||||||||||||||||||||||||||||||
financing costs included in accounts payable and accrued expenses and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
escrow proceeds from asset sale used for acquisition of new real estate assets | |||||||||||||||||||||||||||||||||||||||||||||||
acquisition of new real estate | -4,000 | -5,032,000 | -6,850,000 | -38,035,000 | -29,418,000 | -53,532,000 | -15,418,223 | -34,798,479 | -15,308,671 | -19,067,237 | -9,563,385 | -29,606,022 | -15,409,700 | -19,869,405 | -30,727,047 | -49,061,556 | |||||||||||||||||||||||||||||||
capital expenditures on existing real estate | -6,878,000 | -4,478,000 | -1,773,000 | -1,814,000 | -1,156,000 | -468,000 | 328,037 | -2,242,017 | -6,017,688 | -1,865,770 | -201,795 | -1,455,701 | -1,191,086 | -398,064 | -780,002 | -617,418 | |||||||||||||||||||||||||||||||
proceeds from sale of real estate | -1 | ||||||||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of common and preferred equity | |||||||||||||||||||||||||||||||||||||||||||||||
payments for redemption of op units | -121,000 | -400,000 | |||||||||||||||||||||||||||||||||||||||||||||
loss on disposals of real estate assets included in accounts payable and accrued expenses and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of equity | 17,486,000 | 1,486,000 | 19,699,000 | 0 | 20,722,000 | 0 | 8,237,704 | 0 | 902,003 | ||||||||||||||||||||||||||||||||||||||
amortization of deferred financing costs | 158,000 | 130,000 | 120,000 | 116,000 | 105,992 | 65,584 | 35,372 | 34,354 | 32,615 | 30,264 | 22,901 | 21,026 | 17,638 | ||||||||||||||||||||||||||||||||||
loss on disposals of real estate assets | |||||||||||||||||||||||||||||||||||||||||||||||
insurance proceeds received utilized for repairs to real estate assets | 54,809 | ||||||||||||||||||||||||||||||||||||||||||||||
decrease in restricted cash | |||||||||||||||||||||||||||||||||||||||||||||||
insurance proceeds received capitalized as real estate asset additions | -9,965 | 254,624 | |||||||||||||||||||||||||||||||||||||||||||||
borrowings from mortgage notes payable | 25,450,000 | 4,140,000 | 9,282,000 | 15,531,000 | 7,651,000 | 27,740,196 | 12,897,600 | 12,552,680 | 28,675,000 | ||||||||||||||||||||||||||||||||||||||
repayments on mortgage note payable | -2,221,098 | -2,186,434 | -232,358 | -187,238 | -103,237 | -315,968 | -103,237 | -103,238 | -103,237 | 0 | |||||||||||||||||||||||||||||||||||||
repayments on lines of credit | -1,000,000 | -44,450,000 | |||||||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of mandatorily redeemable preferred stock | |||||||||||||||||||||||||||||||||||||||||||||||
cash paid during the year for interest | |||||||||||||||||||||||||||||||||||||||||||||||
issuance of non-controlling interests in operating partnership in conjunction with acquisitions | 2,589,849 | 5,311,291 | 0 | 6,451,853 | |||||||||||||||||||||||||||||||||||||||||||
loss on disposal of real estate asset included in accounts payable and accrued expenses and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
common and preferred stock offering and op unit issuance costs included in accounts payable and accrued expenses and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
allowance for doubtful accounts | 0 | 20,697 | 63,903 | -13,083 | |||||||||||||||||||||||||||||||||||||||||||
loss on disposal of real estate asset | |||||||||||||||||||||||||||||||||||||||||||||||
accounts payable, accrued expenses, and due to related parties | 265,168 | -72,104 | 1,087,059 | -756,342 | 899,261 | 686,388 | |||||||||||||||||||||||||||||||||||||||||
payment for redemption of op units | |||||||||||||||||||||||||||||||||||||||||||||||
repayments on mortgage notes and bonds payable | -2,095,000 | -337,000 | -2,231,000 | ||||||||||||||||||||||||||||||||||||||||||||
real estate additions included in accounts payable, accrued expenses, and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
loss on disposal of real estate asset included in accounts payable, accrued expenses, and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
common stock offering and op unit issuance costs included in accounts payable, accrued expenses, and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
financing fees included in accounts payable, accrued expenses, and due to related parties | |||||||||||||||||||||||||||||||||||||||||||||||
accounts payable, accrued expenses and due to related parties | 1,505,000 | -187,000 | -794,963 | 1,051,880 | -530,117 | ||||||||||||||||||||||||||||||||||||||||||
real estate additions included in accounts payable, accrued expenses and due to related parties | 448,000 | 199,000 | -227,139 | -1,095,937 | -1,703,418 | 3,188,897 | |||||||||||||||||||||||||||||||||||||||||
common stock offering and op unit issuance costs included in accounts payable, accrued expenses and due to related parties | -31,000 | 171,000 | -22,291 | 17,626 | -22,877 | 36,475 | |||||||||||||||||||||||||||||||||||||||||
financing fees included in accounts payable, accrued expenses and due to related parties | 23,000 | 22,000 | -50,739 | 50,828 | -19,167 | 27,079 | |||||||||||||||||||||||||||||||||||||||||
net borrowings from line of credit | 3,500,000 | 2,700,000 | -4,900,000 | ||||||||||||||||||||||||||||||||||||||||||||
decrease (increase) in restricted cash | 0 | 0 | 0 | 132,741 | |||||||||||||||||||||||||||||||||||||||||||
deposits on future acquisitions | -400,000 | 50,000 | 50,000 | -200,000 | 242,000 | -392,000 | |||||||||||||||||||||||||||||||||||||||||
deposits applied against real estate investments | -250,000 | -300,000 | -200,000 | -216,725 | -150,000 | -450,000 | |||||||||||||||||||||||||||||||||||||||||
deposits refunded | 0 | 0 | 0 | 200,000 | 100,000 | 0 | 0 | 100,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
net borrowings from (repayments on) line of credit | -5,950,000 | 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of series a mandatorily redeemable preferred stock | |||||||||||||||||||||||||||||||||||||||||||||||
distributions paid on common and preferred stock | -1,278,171 | ||||||||||||||||||||||||||||||||||||||||||||||
cash paid during the year for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||
real estate additions removed from other liabilities | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
distributions paid on common stock. | -1,199,153 | ||||||||||||||||||||||||||||||||||||||||||||||
deferred income taxes | |||||||||||||||||||||||||||||||||||||||||||||||
purchase of u.s. treasuries | |||||||||||||||||||||||||||||||||||||||||||||||
maturity of u.s. treasuries | |||||||||||||||||||||||||||||||||||||||||||||||
distributions paid | -1,125,091 | -1,087,238 | -1,032,710 | -814,140 | -695,631 | -587,724 | |||||||||||||||||||||||||||||||||||||||||
offering costs included in accounts payable, accrued expenses and due to related parties | 46,109 | ||||||||||||||||||||||||||||||||||||||||||||||
borrowings from line of credit | 2,700,000 | 10,200,000 | 4,000,000 | 11,600,000 | |||||||||||||||||||||||||||||||||||||||||||
repayments on line of credit | -11,700,000 | -2,400,000 | -3,500,000 | -11,100,000 | |||||||||||||||||||||||||||||||||||||||||||
non-cash additions to real estate | -348,102 | 1,769,965 | 475,409 | -120,561 | |||||||||||||||||||||||||||||||||||||||||||
offering costs included in accounts payable and accrued expenses | 40,827 | 86,140 | |||||||||||||||||||||||||||||||||||||||||||||
increase in restricted cash | -130,456 | -756 | |||||||||||||||||||||||||||||||||||||||||||||
purchase of certificate of deposit | |||||||||||||||||||||||||||||||||||||||||||||||
financing fees | -43,500 | -173,701 | |||||||||||||||||||||||||||||||||||||||||||||
insurance proceeds included in other assets | |||||||||||||||||||||||||||||||||||||||||||||||
amortization of deferred financing fees |